FxWirePro: EUR/AUD on track to test 100-DMA at 1.4194, stay long

• EUR/AUD pauses two day's of consecutive gains, is trading a narrow range in the Asian session.
   
• Euro staged a solid comeback as markets digest a less dovish ECB’s policy outcome.
   
• EUR/AUD is consolidating gains after break above 50-DMA.
   
• The major trend in the pair is bearish. The pair is trading in a downward channel. 
   
• Technical studies are biased higher, we see scope for test of 100-DMA at 1.4194.
   
• Decisive breakout above 100-DMA could take the pair to channel top resistance at 1.44.

Support levels - 1.4054 (50-DMA), 1.4012 (5-DMA), 1.3923 (Mar 6 lows)

Resistance levels - 1.4103 (23.6% Fib retrace of 1.5646 to 1.3626 fall), 1.4194 (100-DMA), 1.4270 (cloud base)

TIME  TREND INDEX  OB/OS INDEX    

1H          Neutral               Neutral       
4H          Neutral               Neutral       
1D          Bullish                Neutral        
1W         Bullish                Neutral      

Call update: Our previous call (http://www.econotimes.com/FxWirePro-EUR-AUD-on-track-to-test-50-DMA-at-14094-stay-long-573307) has hit all targets.

Recommendation: Good to go long on dips around 1.4055/70, SL: 1.40, TP: 1.41/ 1.4190

FxWirePro Currency Strength Index: FxWirePro's Hourly EUR Spot Index was at 118.353(Highly bullish), while Hourly AUD Spot Index was at -75.4076 (Bearish) at 0655 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.