FxWirePro: EUR/AUD rejected at 20-DMA, further upside only on break above

• EUR/AUD remains capped below stiff resistance at 20-DMA at 1.4769.
• The pair is trading in a slopping channel and RSI is now converging with price action.
• 100-DMA at 1.4601 is strong support on the downside, we see weakness on break below.
• MACD is also supporting trend lower, momentum with the bears. Break below 100-DMA could see test of channel base at 1.4370.
• On the flipside, break above 20-DMA could see test of 1.4975 (channel top).

Support levels - 1.47, 1.4615 (38.2% Fib retrace of 1.3626 to 1.5226 rally), 1.4601 (100-DMA)

Resistance levels - 1.4770 (20-DMA), 1.48, 1.4849 (nearly converged 23.6% Fib and cloud top)

Recommendation: We prefer to wait for clear directional bias.

FxWirePro Currency Strength Index: FxWirePro's Hourly EUR Spot Index was at 26.0497 (Neutral), while Hourly AUD Spot Index was at 51.4827 (Neutral) at 0920 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.

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