FxWirePro: EUR/AUD holds 50-DMA support at 1.5342, good to go short on break below

• EUR/AUD is trading in a narrow range, with a day's high at 1.5379 and low at 1.5344.
   
• The pair is holding strong support at 50-DMA at 1.5342, break below to see further weakness.
   
• Technical studies are bearish. RSI and Stochs are biased lower, MACD supports trend lower. Bearish divergence on RSI and Stochs keeps scope for downside.
   
• On weekly charts, RSI and Stochs have rollover from overbought levels and biased lower.
   
• Immediate support below 50-DMA lies at 1.53 (trendline) ahead of 1.5254 (38.2% Fibo).
   
• On the flipside, 5-DMA at 1.5419 is immediate resistance, minor upside likely on break above.

Support levels - 1.5342 (50-DMA), 1.53 (trendline), 1.5254 (38.2% Fib retrace of 1.4417 to 1.5771 rally)

Resistance levels - 1.5419 (5-DMA), 1.5451 (23.6% Fib), 1.5535 (5W SMA)

Call update: Our previous call (https://www.econotimes.com/FxWirePro-EUR-AUD-breaks-below-20-DMA-bias-lower-stay-short-1055731) has hit all targets.

Recommendation: Watch out for break below 50-DMA to go short, SL: 1.5120, TP: 1.53/ 1.5250/ 1.52.

FxWirePro Currency Strength Index: FxWirePro's Hourly EUR Spot Index was at -62.0203 (Neutral), while Hourly AUD Spot Index was at 119.725 (Bullish) at 0600 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.

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