- EUR/AUD down 0.37% on the day, holds above 50-DMA support at 1.4860.
- We see weakness on break below, scope then for test of rising trendline at 1.4690.
- Technical studies are bearish, Stochs are biased lower, RSI below 50 and points south.
- Shooting star formation seen at highs in previous week’s trade and price has fallen below 20-DMA.
- Daily cloud offers strong support on the downside, break below will see test of 200-DMA at 1.4473.
Support levels - 1.49, 1.4860 (50-DMA), 1.4822 (cloud top), 1.4732 (Aug 17 low)
Resistance levels - 1.4942 (20-DMA), 1.4954 (5-DMA), 1.50
Recommendation: Good to go short on break below 50-DMA, SL: 1.4950, TP: 1.4820/ 1.4740/ 1.47
FxWirePro Currency Strength Index: FxWirePro's Hourly EUR Spot Index was at -81.5622 (Slightly bearish), while Hourly AUD Spot Index was at 73.0319 (Neutral) at 0900 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
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