FxWirePro: EUR/AUD retraces dip below 100-DMA, weakness only on decisive break below

• EUR/AUD has failed to extend break below 100-DMA, retraced to close above on Thursday's trade.
   
• The pair has hit 9-week lows at 1.5155 before paring losses to close at 1.5245.
   
• Price action has broken above 5-DMA at 1.5255 and is currently trading at 1.5281 levels.
   
• Intraday charts show possibility of minor upside, but trend still bearish.
   
• Decisive break below 100-DMA would raise scope for test of next major support at 200-DMA at 1.4988.
   
• On the flipside, breakout at 20-DMA at 1.5340 will invalidate the bearish bias.

Support levels - 1.5255 (5-DMA), 1.5222 (100-DMA), 1.5155 (Jan 11 low), 1.5094 (50% Fib retrace of 1.4417 to 1.5771 rally), 1.4982 (200-DMA)

Resistance levels - 1.5340 (20-DMA), 1.5431 (Jan 3 high), 1.55

Call update: Our previous call (https://www.econotimes.com/FxWirePro-EUR-AUD-recovery-capped-below-5-DMA-at-15283-good-to-go-short-on-decisive-break-below-100-DMA-1090158) holds.

Recommendation: Watch out for decisive break at 100-DMA for further weakness.

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