FxWirePro: EUR/AUD breaks above daily cloud, hits 8-week highs at 1.6093, bias higher

EUR/AUD chart - Trading View 

• EUR/AUD has shown a breakout at daily daily cloud, intraday bias bullish.
   
• AUD weakness across the board after poor GDP data and dovish comments from RBA's Lowe support gains.
   
• The pair has hit 8-week highs at 1.6093 before paring some gains to currently trade at 1.6076.
   
• Price action has bounced off strong support at 50-DMA and we see weakness only on break below.
   
• Technical indicators are supporting upside in the pair. Stochs and RSI show bullish momentum and MACD is rising.
   
• We see scope for gains upto 1.6350 (major trendline). Further upside only on break above.

Support levels - 1.6021 (5-DMA), 1.5954 (50-DMA), 1.5939 (21-EMA)

Resistance levels - 1.6153 (Jan 10 high), 1.6250 (Oct 23 high), 1.6350 (trendline)

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