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FxWirePro: EUR/AUD on track to test 50-DMA at 1.60, good to stay short on upticks

EUR/AUD chart on Trading View used for analysis

  • EUR/AUD trades 0.25% lower on the day at 1.6135 at the time of writing.
     
  • Aussie strength after upbeat jobs data adds to downside pressure in the pair.
     
  • Australian Bureau of Statistics (ABS) reported a big drop in the jobless rate in September. Australia jobless rate falls to 5.0%, the lowest since 2012. 
     
  • EUR/AUD price action has broken below 20-DMA and 5-DMA is on verge of bearish crossover on 20-DMA.
     
  • Stochs and RSI are biased lower, we see scope for further weakness. The pair now eyes 50-DMA at 1.60, violation there will see further weakness.
     
  • Break below 50-DMA targets major trendline support at 1.5875. Retrace above 20-DMA negates bearish bias.

Support levels - 1.6068 (50-DMA), 1.5986 (Oct 2 low), 1.5875 (trendline)

Resistance levels - 1.6188 (20-DMA), 1.62 (5-DMA), 1.6254 (Sept 25 high)

Recommendation: Good to go short on upticks, SL: 1.62, TP: 1.60/ 1.5985/ 1.59

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex
 

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