FxWirePro: EUR/AUD breaks major trendline resistance at 1.5085, good to go long on close above

• EUR/AUD breaks major trendline resistance at 1.5085 to hit 12-week highs at 1.5173.
   
• The pair has shown a breakout above ascending triangle pattern, scope for further upside.
   
• 1.5085 is stiff resistance and decisive close above will see further gains.
   
• 5-DMA at 1.5002 is immediate support. Break below could see drag upto 20-DMA at 1.4927.
   
• Technical studies support upside. RSI and Stochs on daily charts are biased higher.
   
• We see bullish invalidation only on break below daily cloud support at 1.4822.

Support levels - 1.5002 (5-DMA), 1.4927 (20-DMA), 1.4846 (50-DMA)

Resistance levels - 1.5186 (June 5th high), 1.52, 1.5226 (June 1st high)

Call update: Our previous call (http://www.econotimes.com/FxWirePro-EUR-AUD-holds-above-50-DMA-eyes-trendline-at-150-864930) has hit all targets.

Recommendation: Good to go long on decisive close above 1.5085, SL: 1.4955, TP: 1.5186/ 1.5225/ 1.5330

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