- EUR/AUD extends choppy trade below major trendline resistance at 1.5125.
- The pair is trading in a 'Symmetric Triangle' pattern and bias is bullish.
- The major finds stiff resistance at 1.5125 (falling trendline), breakout confirms further bullishness.
- Scope then for test of next resistance at 1.5226 (May 2017 high) ahead of 61.8% Fib at 1.5455.
- Technical studies are highly bullish on weekly charts, Stochs are sharply biased higher.
- Price action above daily cloud and major moving averages. We see weakness only on break below 1.4752 (weekly 200-SMA).
Support levels - 1.5010 (5-DMA), 1.4950 (20-DMA), 1.4917 (50-DMA)
Resistance levels - 1.5125 (trendline), 1.5226 (May 29 high), 1.5455 (61.8% Fib)
Recommendation: Watch out for break above 1.5125 to go long, target 1.5225/ 1.53/ 1.5455
FxWirePro Currency Strength Index: FxWirePro's Hourly EUR Spot Index was at 36.235 (Neutral), while Hourly AUD Spot Index was at 59.7009 (Neutral) at 0940 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
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