FxWirePro: EUR/AUD slips below 100-DMA at 1.5164, bias lower
EUR/AUD has been trading a falling wedge pattern, intraday bias is lower. The pair closed below 100-DMA at 1.5168 on Monday's trade. Price action was rejected at session highs by 1.5188, slips lower to currently trade ar…
EUR/AUD has been trading a falling wedge pattern, intraday bias is lower.
The pair closed below 100-DMA at 1.5168 on Monday's trade. Price action was rejected at session highs by 1.5188, slips lower to currently trade around 1.5150 levels.
RBA minutes released earlier today warned about the negative impact of AUD strength but saw muted reaction from the Aussie.
Brexit news flow will continue to impact fx action across the board, Yellen's testimony and oil price movement will be tracked for momentum.
The pair finds resistance at 1.5164 (100-DMA) and support at 1.51 (falling trendline).
Momentum studies are bearish, fall till 1.5120 likely. Further weakness could see test of 1.5026 (Apr 8th lows).
