FxWirePro: EUR/AUD breaks channel top, good to go long on dips

• EUR/AUD has broken and closed above stiff channel top resistance on Wednesday's trade.
   
• Price action has broken above daily cloud which is now major support on the downside.
   
• Momentum studies are bullish. MACD has shown a bullish crossover.
   
• We see scope for test of 200-DMA at 1.4351. Violation at 200-DMA to see further upside.
   
• Bullish invalidation on retrace below channel top. We then see scope for test of 20-DMA at 1.41 levels.

Support levels - 1.42, 1.4180 (channel top), 1.4153 (5-DMA)

Resistance levels - 1.43, 1.4351 (200-DMA), 1.44, 1.4430 (Nov 11 high)

TIME  TREND INDEX  OB/OS INDEX    

1H          Neutral               Neutral       
4H          Neutral               Oversold       
1D          Bullish                Neutral        
1W         Bullish                Neutral      

Recommendation: Good to go long on dips around 1.4255/65, SL: 1.4220, TP: 1.43/ 1.4350

FxWirePro Currency Strength Index: FxWirePro's Hourly EUR Spot Index was at 80.3346 (Slightly bullish), while Hourly AUD Spot Index was at -41.5888 (Neutral) at 0700 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.