FxWirePro: EUR/AUD holds 20-DMA support, break below to see further weakness

• EUR/AUD holds support at 20-DMA at 1.5920, break below will accentuate weakness.
   
• Technical indicators are biased lower. RSI and Stochs have rolled over from overbought levels.
   
• MACD is showing a bearish crossover on signal line which adds to bearish bias.
   
• Price action was rejected at channel top and has slipped below 5-DMA support.
   
• Further we evidence a bearish divergence on RSI and Stochs which supports downside.
   
• Weak eurozone manufacturing PMI keeps pressure on the euro. Focus now on eurozone flash inflation reading for March.

Call update: Our previous call (https://www.econotimes.com/FxWirePro-EUR-AUD-Trade-Idea-1232558) has hit TP1.

Recommendation: Bias lower. Watch out for break below 20-DMA for further weakness.

FxWirePro Currency Strength Index: FxWirePro's Hourly EUR Spot Index was at -13.7782 (Neutral), while Hourly AUD Spot Index was at 14.3006 (Neutral) at 0600 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.

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