FxWirePro: EUR/AUD fails to hold break above 200-DMA, bearish continuation likely below 1.58

EUR/AUD chart on Trading View used for analysis

• EUR/AUD rejected at session highs at 1.5867, trades at 1.5836 at 0600 GMT.
   
• The pair has failed to hold break above 200-DMA and intraday bias is bearish.
   
• Price action finds strong support at 1.5812 (rising trendline), break below will see weakness.
   
• Next major support lies at 1.5758 (55-W EMA) ahead of 76.4% Fib at 1.5631.
   
• We see a bearish 5-DMA crossover on 20-DMA and Stochs and RSI also support weakness.
   
• Bearish invalidation only on decisive breakout above 200-DMA. 

Support levels - 1.5808 (61.8% Fib), 1.5758 (55-W EMA), 1.5631 (76.4% Fib)

Resistance levels - 1.5845 (nearly converged 200 and 5-DMA), 1.5881 (20-DMA), 1.5950 (50% Fib)

Recommendation: Good to stay short on break below 1.58 handle, SL: 1.5850, TP: 1.5760/ 1.57/ 1.5635

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