- EUR/AUD hits 4-month highs at 1.5190, intraday bias higher.
- The pair is trading a 'Rising Triangle' pattern and has broken major trendline resistance at 1.5155.
- We now see scope for test of 61.8% Fib retrace of 1.65852 to 1.36265 fall at 1.5455.
- Technical studies on weekly charts are bullish and price action above daily cloud and major moving averages.
- 5-DMA at 1.5122 is immediate support, bullish invalidation only on break below 1.4757 (50-DMA).
Support levels - 1.5155 (Trendline), 1.5123 (5-DMA), 1.51, 1.5003 (20-DMA), 1.4957 (50-DMA)
Resistance levels - 1.52, 1.5226 (May 2017 highs), 1.53, 1.5455 (61.8% Fib retrace of 1.65852 to 1.36265 fall)
Call update: Our previous call (https://www.econotimes.com/FxWirePro-EUR-AUD-struggles-at-major-trendline-resistance-at-15155-good-to-go-long-on-break-above-941992) has hit TP1.
Recommendation: Bias higher, stay long.
FxWirePro Currency Strength Index: FxWirePro's Hourly EUR Spot Index was at 147.009 (Bullish), while Hourly AUD Spot Index was at -31.5428 (Neutral) at 0700 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
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