- EUR/AUD is extending breakout above 'Symmetric Triangle' pattern and we see scope for further upside.
- Technical indicators on weekly charts support upside in the pair. RSI strong around 70 levels and momentum studies are bullish.
- Price action has broken above 78.6% Fib retrace of 1.6585 to 1.3626 fall at 1.5952 has edged above 1.61 handle.
- Next major resistance is seen at 1.6247 (88.6% Fib) ahead of 1.6252 (2016 high).
- On the flipside, 20-DMA is strong support at 1.5863, break below will see further weakness.
Call update: Our previous call (https://www.econotimes.com/FxWirePro-EUR-AUD-consolidates-break-out-at-Triangle-Top-scope-for-further-upside-1184922) has hit all targets.
Recommendation: Good to go long on dips around 1.6075, SL: 1.5950, TP: 1.6245/ 1.63/ 1.6585
FxWirePro Currency Strength Index: FxWirePro's Hourly EUR Spot Index was at 108.509 (Bullish), while Hourly AUD Spot Index was at -55.5484 (Neutral) at 0620 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
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