, good to go short on close below - EconoTimes)
- EUR/AUD capped between 20 and 50 day moving averages, bias bearish.
- The pair is trading a rising wedge formation and is extending decline after 'Shooting Star' formation at highs.
- Technical studies are bearish, Stochs are biased lower, RSI below 50 and points south.
- Daily cloud at 1.4822 offers strong support on the downside, break below will see test of weekly 200-SMA at 1.4750.
- Violation at weekly 200-SMA will see test of wedge base at 1.47 levels.
- On the flipside, decisive break above 20-DMA could see test of wedge top again.
Support levels - 1.49, 1.4864 (50-DMA), 1.4822 (cloud top), 1.4750 (weekly 200-SMA)
Resistance levels - 1.4935 (20-DMA), 1.50, 1.5020 (Aug 14 high), 1.5075 (July 7 high)
Recommendation: Good to go short on break below 50-DMA, SL: 1.4950, TP: 1.4820/ 1.4740/ 1.47
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