- EUR/AUD trades with a bullish bias, up 0.47% on the day.
- Technical studies are highly bullish on weekly charts, RSI and Stochs are sharply biased higher.
- We see scope for further upside, 61.8% Fib retrace of 1.6585 to 1.3626 fall at 1.5455 is next bull target.
- The major finds stiff resistance at 1.5130 (falling trendline), breakout confirms further bullishness.
- Price action above daily cloud and major moving averages. We see weakness only on break below 1.4790 (trendline).
Support levels - 1.4979 (5-DMA), 1.4942 (20-DMA), 1.4904 (50-DMA)
Resistance levels - 1.5130 (trendline), 1.5226 (May 29 high), 1.5455 (61.8% Fib)
Recommendation: Watch out for break above 1.5130 to go long.
FxWirePro Currency Strength Index: FxWirePro's Hourly EUR Spot Index was at 99.9869(Bullish), while Hourly AUD Spot Index was at -133.152 (Bearish) at 1040 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
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