FxWirePro: EUR/AUD struggles at 50-DMA, breakout above to test 1.4575 levels

• EUR/AUD has broken minor trendline support at 1.4325.
   
• The pair is currently struggling to break above 50-DMA at 1.4407.
   
• 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, 1.4367 (5-DMA), 1.4308 (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)
   

Recommendation: Go long on breakout above 50-DMA at 1.4407, SL: 1.43, TP: 1.4490, 1.4575
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FxWirePro's Hourly EUR Spot Index was at 113.185 (Highly bullish), while Hourly AUD Spot Index was at -20.8913 (Neutral) at 0550 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex