FxWirePro: EUR/AUD hovers around 100-DMA at 1.4861, eyes 1.4730 on break below, stay short

• EUR/AUD edges higher from 3-week lows at 1.4813, bias lower.
   
• The pair has retraced dip below 100-DMA at 1.4861 and is currently hovering around 1.4870 levels.
   
• Technical studies on weekly charts are bearish, with major trendline resistance seen at 1.5030.
   
• Weekly 200-SMA at 1.4750 is major support on the downside, break below to see test of cloud at 1.4636.
   
• On the flipside, decisive break above 20-DMA at 1.4930 could see test of wedge top again.

Support levels - 1.4861 (50-DMA), 1.4822 (cloud top), 1.4750 (weekly 200-SMA)

Resistance levels - 1.49, 1.4930 (20-DMA), 1.50, 1.5020 (Aug 14 high), 1.5075 (July 7 high)

Recommendation: Good to go short on break below 50-DMA, SL: 1.4950, TP: 1.4820/ 1.4740/ 1.47

FxWirePro Currency Strength Index: FxWirePro's Hourly EUR Spot Index was at -15.4167 (Neutral), while Hourly AUD Spot Index was at -49.0967 (Neutral) at 0920 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.

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