- EUR/AUD has broken above 100-DMA and intraday bias is higher.
- Upbeat reading from German IFO for the month of March have lent some support to the single currency.
- Price action has broken above daily cloud which now acts as major support.
- The pair is on track to test major trendline resistance at 1.44 levels. Violation there could see gains upto 200-DMA at 1.4414.
- Momentum studies are highly bullish, but Stochs at overbought zone would warrant some caution.
Support levels - 1.4221 (cloud base), 1.4181 (5-DMA), 1.4158 (100-DMA)
Resistance levels - 1.44 (trendline & 38.2% Fib), 1.4414 (200-DMA), 1.4489 (Nov 21 high)
TIME TREND INDEX OB/OS INDEX
1H Bullish Neutral
4H Bullish Neutral
1D Bullish Neutral
1W Bullish Neutral
Recommendation: Good to go long on dips around 1.4260, SL: 1.4215, TP: 1.43/ 1.44/ 1.4415
FxWirePro Currency Strength Index: FxWirePro's Hourly EUR Spot Index was at 89.2769 (Bullish), while Hourly AUD Spot Index was at -105.891 (Bearish) at 0635 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
