FxWirePro: EUR/AUD breaks below 50-DMA at 1.4816, good to go short on rallies

• EUR/AUD was rejected at major trendline resistance at 1.5025, is extending downside for 2nd successive session.
   
• The pair has broken below 50-DMA at 1.4816 and price action has fallen below daily cloud.
   
• Technical studies have turned bearish, Stochs and RSI sharply lower. 
   
• Scope for test of 100-DMA at 1.4712. Volation at 100-DMA could see drag till 1.4580. 
   
• Eurozone final CPI, trade balance and ECB monetary policy meeting minutes will be closely eyed for fresh impetus on the Euro.
   
• Bearish invalidation only on break above 1.5025. 

Support levels - 1.4712 (100-DMA), 1.4626 (June 20 low), 1.4580 (trendline)

Resistance levels - 1.4829 (20-DMA), 1.4921 (5-DMA), 1.50, 1.5025 (trendline)

Recommendation: Good to go short on rallies around 1.48/1.4820, SL: 1.49, TP: 1.4720/ 1.47/ 1.4630/ 1.4580.

FxWirePro Currency Strength Index: FxWirePro's Hourly EUR Spot Index was at -96.5988 (Bearish), while Hourly AUD Spot Index was at 157.636 (Bullish) at 0745 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex. 

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