- EUR/AUD has broken major trendline support at 1.5315 and is extending downside for 3rd straight session.
- An unexpected surge in Australia's building approvals supporting AUD bulls.
- Australia’s building consents data for November jumped +11.7% m/m versus -1.3% expected and +0.9% previous.
- The pair is holding support at 100-DMA at 1.5211, break below will accentuate weakness.
- Technical studies are biased lower. Stochs and RSI show bearish momentum. ADX has edged above 25 and is rising with bearish DMI dominance.
- Violation at 100-DMA at 1.5211 to see next major support at 200-DMA at 1.4971.
- On the flipside, breakout at 20-DMA at 1.5370 will invalidate the bearish bias.
Support levels - 1.5211 (100-DMA), 1.4971 (200-DMA)
Resistance levels - 1.5298 (5-DMA), 1.5371 (20-DMA)
Recommendation: Good to go short on break below 100-DMA, SL: 1.5370, TP: 1.51/ 1.5080/ 1.4950.
FxWirePro Currency Strength Index: FxWirePro's Hourly EUR Spot Index was at -93.6677 (Bearish), while Hourly AUD Spot Index was at -2.53737 (Neutral) at 0840 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
FxWirePro launches Absolute Return Managed Program. For more details, visit http://www.fxwirepro.com/invest
