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FxWirePro: EUR/AUD trends higher, but faces potential pitfalls 
- AUD/NZD is trading around 1.0760 marks.
- Pair made intraday high at 1.0770 and low at 1.0747 marks.
- Today New Zealand released PPI data with negative numbers. It fell to -1.0% during the March quarter after slumping 1.2% in the previous quarter. Analysts expected the PPI index to rise 0.3% in the first quarter.
- In addition, PPI output q/q fell to -0.2% vs -0.8% previous release.
- Intraday bias remains bullish till the time pair holds key support at 1.0704 marks.
- A daily close below 1.0704 will take the parity down towards 1.0651 and 1.0574 (February 12, 2016 low) marks.
- On the other side, a sustained close above 1.0783 will drag the parity higher towards 1.0823/1.0976 (January 2016 high) /1.1062 (30D EMA)/1.1123/1.1298/1.1317 levels respectively.
- Important to note here that 20D, 30D and 55D EMA heads down and confirms bearish trend.
We prefer to take long position in AUD/NZD around 1.0755, stop loss 1.0726 and target 1.0806/ 1.0832 marks.
