FxWirePro: EUR/AUD consolidating after rally from 1.4348 lows, positive bias remains
EUR/AUD struggling to extend gains beyond 1.5343, consolidating after rally from 1.4348 lows (Dec 3rd). Momentum studies are neutral - 5, 10 & 20 DMAs base/climb - positive setup exists, bounce from here targets a test o…
EUR/AUD struggling to extend gains beyond 1.5343, consolidating after rally from 1.4348 lows (Dec 3rd).
Momentum studies are neutral - 5, 10 & 20 DMAs base/climb - positive setup exists, bounce from here targets a test of 1.5466 (50% of August/December fall).
Converging Tenkan and Kijun lines at 1.4846 is strong support on the downside, weakness only on breaks below.
Stochs are in overbought region, some unwinding likely, caution advised, RSI is at 55 and has room to run.
Recommendation: We would use dips around 1.5020 to go long, SL: 1.4840, TP: 1.5460 Resistance Levels:
