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FxWirePro: EUR/AUD finds strong support at 200-DMA, good to stay short on break below

EUR/AUD chart on Trading View used for analysis

  • EUR/AUD trades 0.40% lower on the day at 1.5870 at 1145 GMT.
     
  • The pair trades with a bearish momentum, Stochs and RSI sharply lower.
     
  • MACD shows a bearish crossover on signal line adding to the bearish bias.
     
  • We see strong support in the 1.5852-1.5857 range, break below to see further weakness.
     
  • Upside remains capped at 5-DMA, break above to see test of 20-DMA at 1.6063.

Support levels - 1.5857 (200-DMA), 1.5673 (Dec 12th/ 13th low), 1.5580 (Aug 7th low)

Resistance levels - 1.5961 (5-DMA), 1.5990 (21-EMA), 1.6063 (20-DMA)

Recommendation: Watch out for break below 200-DMA to go short.

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

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