- EUR/AUD was rejected by 50-DMA at 1.42941 on Wednesday's trade.
- The pair remains capped below 20-DMA on the day, bias lower.
- 5&20-day moving averages are curved south. The pair is trading below major moving averages.
- We see scope for test of major trendline support at 1.3955.
- Bearish invalidation only on close above 50-DMA at 1.4288.
- Support levels - 1.4095 (session lows), 1.4027 (Jan 19 low), 1.3955 (trendline)
- Resistance levels - 1.4172 (5-DMA), 1.4199 (20-DMA), 1.4288 (50-DMA)
Recommendation: Good to go short on rallies around 1.4175. SL: 1.41/ 1.4030/ 1.3955
FxWirePro Currency Strength Index: FxWirePro's Hourly EUR Spot Index was at -7.5188(Neutral), while Hourly AUD Spot Index was at 75.6928 (Bullish) at 0615 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
