- EUR/AUD is extending choppy trade around 100-DMA, bias remains bullish.
- The pair is trading 0.36% higher on the day at 1.5803 at the time of writing.
- Price action rages with the daily Ichimoku cloud and breakout at cloud top could see resumption of upside.
- Technical indicators are biased higher. Momentum with the bulls. MACD and DMI also support trend higher.
- Breakout at daily cloud will see test of 78.6% Fib at 1.60 levels ahead of 1.6030 (major trendline resistance).
- On the flipside, the pair finds strong support at 55-EMA at 1.5667. We see resumption of weakness on break below.
Support levels - 1.5772 (100-DMA), 1.5743 (5-DMA), 1.57, 1.5634 (21-EMA)
Resistance levels - 1.5841 (61.8% Fib), 1.59, 1.5963 (May 9 high), 1.5995 (78.6% Fib)
Recommendation: Watch out for breakout at daily cloud for further upside.
FxWirePro Currency Strength Index: FxWirePro's Hourly EUR Spot Index was at 121.226 (Bullish), while Hourly AUD Spot Index was at -106.908 (Bearish) at 0630 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
