FxWirePro: EUR/AUD capped below 20-DMA, good to go long on break above
EUR/AUD rejected at session highs at 1.4216, slips lower to currently trade at 1.4176. The pair finds major resistance at 1.4236 (20-DMA), break above could see extension of upside. Technical studies are biased higher, w…
EUR/AUD rejected at session highs at 1.4216, slips lower to currently trade at 1.4176.
The pair finds major resistance at 1.4236 (20-DMA), break above could see extension of upside.
Technical studies are biased higher, we see scope for test of 100-DMA at 1.4413.
Stochs have rolled over from oversold and MACD is showing a bullish crossover on signal line.
On the flipside, rejection at 20-DMA with turn on technicals could see test of trendline support at 1.3980.
Major support levels - 1.4091 (Dec 15 low), 1.4027 (Jan 19 low), 1.3980 (Trendline)
Major resistance levels - 1.4236 (20-DMA), 1.4304 (50-DMA), 1.4413 (100-DMA)
Recommendation: Good to go long on break above 20-DMA at 1.4236, SL: 1.4170, TP: 1.43/ 1.4340/ 1.44
FxWirePro Currency Strength Index: FxWirePro's Hourly EUR Spot Index was at -115.31(Highly bearish), while Hourly AUD Spot Index was at 57.4958 (Neutral) at 0810 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
