- EUR/AUD rejected at lows, edges higher from session lows at 1.4800 to currently trade at 1.4865 levels.
- The single currency muted to downbeat German economic sentiment for June which came in at 18.6 vs. 21.5 forecasted.
- Upside remains capped at 5-DMA at 1.4870, only break above could see further gains.
- Stochs are at oversold and RSI is hovering around 50 level. MACD points to continuation of trend lower.
- Doji formation seen on weekly charts, raises scope for downside.
- However, Stochs are at highly oversold levels which could see some reversal.
Support levels - 1.4849 (23.6% Fib of 1.36265 to 1.52268 rise), 1.4822 (June 9 low), 1.4670 (May 12 low)
Resistance levels - 1.4868 (5-DMA), 1.4992 (20-DMA), 1.5075 (May 18 high)
Recommendation: Watch out for break below 1.48 to go short, target 1.4658 (50-DMA).
FxWirePro Currency Strength Index: FxWirePro's Hourly EUR Spot Index was at -54.6413 (Neutral), while Hourly AUD Spot Index was at 17.0438 (Neutral) at 0930 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
