EUR/AUD has broken above 100-DMA and intraday bias is higher.
Upbeat reading from German IFO for the month of March have lent some support to the single currency.
Price action has broken above daily cloud which now acts as major support.
The pair is on track to test major trendline resistance at 1.44 levels. Violation there could see gains upto 200-DMA at 1.4414.
Momentum studies are highly bullish, but Stochs at overbought zone would warrant some caution.
Support levels - 1.4221 (cloud base), 1.4181 (5-DMA), 1.4158 (100-DMA)
Resistance levels - 1.44 (trendline & 38.2% Fib), 1.4414 (200-DMA), 1.4489 (Nov 21 high)
Good to go long on dips, SL: 1.4215, TP: 1.43/ 1.44/ 1.4415
Upbeat reading from German IFO for the month of March have lent some support to the single currency.
Price action has broken above daily cloud which now acts as major support.
The pair is on track to test major trendline resistance at 1.44 levels. Violation there could see gains upto 200-DMA at 1.4414.
Momentum studies are highly bullish, but Stochs at overbought zone would warrant some caution.
Support levels - 1.4221 (cloud base), 1.4181 (5-DMA), 1.4158 (100-DMA)
Resistance levels - 1.44 (trendline & 38.2% Fib), 1.4414 (200-DMA), 1.4489 (Nov 21 high)
Good to go long on dips, SL: 1.4215, TP: 1.43/ 1.44/ 1.4415