FxWirePro: EUR/AUD struggles to hold gains above 50-DMA, bias higher, stay long

• EUR/AUD edges lower from fresh weekly highs at 1.45 handle on Tuesday.
   
• The pair has broken minor trendline support at 1.4325 and edged higher to take out 50-DMA.
   
• Gains above 0.75 handle were not sustained, pair struggling to hold break above 50-DMA at 1.4403.
   
• Technical studies are bullish, we see scope for test of 1.4575 on breakout above 50-DMA.
   
• We see weakness only on close below 20-DMA at 1.4308. Test of channel base at 1.40 then likely.
   
• Support levels - 1.44, 1.4372 (5-DMA), 1.4312 (20-DMA), 1.4271 (Dec 2 low)
   
• Resistance levels - 1.4445 (23.6% Fib), 1.4489 (Nov 21 high), 1.45, 1.4575 (weekly 20-MA)
   
• Our previous call (http://www.econotimes.com/FxWirePro-EUR-AUD-struggles-at-50-DMA-breakout-above-to-test-14575-levels-435367) has hit TP1.
   

Recommendation: Bias higher, we recommend holding for upside.
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FxWirePro's Hourly EUR Spot Index was at 112.32 (Highly bullish), while Hourly AUD Spot Index was at -23.9656 (Neutral) at 0712 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex