EUR/AUD has shown a break below 50-DMA at 1.4718, we see scope for further downside.
We see bearish divergence from price action on RSI and Stochs on the daily chart.
MACD shows continuation of trend lower. Next bear target is 200-DMA at 1.4377.
Bearish invalidation seen on close above 50-DMA at 1.4718. Pair could then rebound till 20-DMA at 1.4933.
Support levels - 1.4615 (38.2% Fib), 1.4573 (cloud top), 1.4443 (May 2 low), 1.4377 (200-DMA)
Resistance levels - 1.4702 (5-DMA), 1.4718 (50-DMA), 1.4849 (23.6% Fib), 1.4919 (20-DMA)
Good to go short on rallies around 1.4680/90, SL: 1.4730, TP: 1.4615/ 1.4575/ 1.4450
We see bearish divergence from price action on RSI and Stochs on the daily chart.
MACD shows continuation of trend lower. Next bear target is 200-DMA at 1.4377.
Bearish invalidation seen on close above 50-DMA at 1.4718. Pair could then rebound till 20-DMA at 1.4933.
Support levels - 1.4615 (38.2% Fib), 1.4573 (cloud top), 1.4443 (May 2 low), 1.4377 (200-DMA)
Resistance levels - 1.4702 (5-DMA), 1.4718 (50-DMA), 1.4849 (23.6% Fib), 1.4919 (20-DMA)
Good to go short on rallies around 1.4680/90, SL: 1.4730, TP: 1.4615/ 1.4575/ 1.4450