- EUR/AUD was rejected just shy of 200-DMA at 1.4748 on Friday's trade.
- The pair has broken below 100-DMA at 1.4516, raises scope for downside.
- We see scope for test of trendline at 1.41 levels.
- Stochs have rolled over from overbought levels adding to downside confirmation.
- RSI is biased lower and is currently at 55 levels. Dip below 50 will build on bearish momentum.
Recommendation: Good to short on rallies around 1.45, SL: 1.4570, TP: 1.1.4460/ 1.44/ 1.4380/ 1.43
Support levels:
S1 - 1.4456 (Dec 28 low)
S2 - 1.4378 (20-DMA)
S3 - 1.43 (Dec 20 lows)
Resistance levels:
R1 - 1.4516 (100-DMA)
R2 - 1.4530 (5-DMA)
R3 - 1.46
