- EUR/AUD has edged off 3-weeks lows near 1.4822 and is currently trading around 1.4879 levels.
- Doji formation at lows on Friday's trade raises scope for further upside.
- Price action has bounced off lower bollinger band and the pair has recover dip below 4H 200-SMA at 1.4868.
- 5-DMA at 1.4907 is immediate resistance on the upside, we see further upside on break above.
- Stochs are at oversold and RSI is holding above 50 level.
- Break above 5-DMA with rollover from Stochs will confirm further upside.
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 - 1.4907 (5-DMA), 1.4996 (20-DMA), 1.5075 (May 18 high)
Recommendation: We prefer to wait for clear directional bias.
