EUR/AUD on track to test 100-DMA at 1.4194, buy dips
EUR/AUD pauses two day's of consecutive gains, is trading a narrow range in the Asian session.
Euro staged a solid comeback as markets digest a less dovish ECB’s policy outcome.
EUR/AUD is consolidating gains after break above 50-DMA.
The major trend in the pair is bearish. The pair is trading in a downward channel.
Technical studies are biased higher, we see scope for test of 100-DMA at 1.4194.
Decisive breakout above 100-DMA could take the pair to channel top resistance at 1.44.
Support levels - 1.4054 (50-DMA), 1.4012 (5-DMA), 1.3923 (Mar 6 lows)
Resistance levels - 1.4103 (23.6% Fib retrace of 1.5646 to 1.3626 fall), 1.4194 (100-DMA), 1.4270 (cloud base)
Good to go long on dips around 1.4060/70, SL: 1.40, TP: 1.41/ 1.4190
Euro staged a solid comeback as markets digest a less dovish ECB’s policy outcome.
EUR/AUD is consolidating gains after break above 50-DMA.
The major trend in the pair is bearish. The pair is trading in a downward channel.
Technical studies are biased higher, we see scope for test of 100-DMA at 1.4194.
Decisive breakout above 100-DMA could take the pair to channel top resistance at 1.44.
Support levels - 1.4054 (50-DMA), 1.4012 (5-DMA), 1.3923 (Mar 6 lows)
Resistance levels - 1.4103 (23.6% Fib retrace of 1.5646 to 1.3626 fall), 1.4194 (100-DMA), 1.4270 (cloud base)
Good to go long on dips around 1.4060/70, SL: 1.40, TP: 1.41/ 1.4190