- EUR/AUD edges higher from session lows at 1.5482, trades 0.19% higher on the day.
- The pair has bounced off strong trendline support at 1.5315 and has reclaimed 200-DMA.
- Technical indicators are turning bullish. RSI and Stochs have rolled over from oversold levels.
- MACD is showing a bullish crossover on signal line which adds to upside bias.
- 21-EMA at 1.5525 is strong resistance and upside in EUR/AUD is being capped at 21-EMA.
- Break above will see resumption on upside. Scope then for test of 38.2% Fib at 1.5625.
- On the flipside, 200-DMA at 1.5497 is immediate support. Break below 5-DMA at 1.5443 to see further weakness.
Support levels - 1.5497 (200-DMA), 1.5443 (5-DMA), 1.54, 1.5340 (Trendline)
Resistance levels - 1.5525 (21-EMA), 1.5558 (June 8 high), 1.56, 1.5625 (38.2% Fib)
Recommendation: Good to go long on close above 200-DMA, SL: 1.5425, TP: 1.5560/ 1.56/ 1.5675.
FxWirePro Currency Strength Index: FxWirePro's Hourly EUR Spot Index was at 80.9869 (Bullish), while Hourly AUD Spot Index was at -123.748 (Bearish) at 0645 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
FxWirePro launches Absolute Return Managed Program. For more details, visit http://www.fxwirepro.com/invest.
