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Long

EUR/AUD bounces off trendline support, go long for 1.5050

FX:EURAUD   Euro Fx/Australian Dollar
137 0 7
EUR/AUD             has bounced off major trendline support on hourly charts, we see Doji formation on daily charts in the Asian session.

Upside in the pair remains capped below major trendline resistance at 1.50, break above to see gains upto 1.5050.

Data released earlier today showed that Australia’s new Home Sales dropped 4.4% in May, following a 4.7% decline in April.

Focus on news flow and developments surrounding the referendum along with the release of German prelim CPI             print for the month of June.

Expectations are for German CPI             to accelerate from flat Y/Y to 0.2% Y/Y in June.

Intraday bias is higher, break above 1.50 could see gains upto 1.5050.

Immediate support and resistance are seen at 1.4942 (5-DMA) and 1.50 (trendline) respectively.

Good to buy dips around 1.4960, SL: 1.49, TP: 1.50/ 1.5050
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