FxWirePro: EUR/AUD Major Resistance 1.5440, Good to Buy Breakout Above

FxWirePro: EUR/AUD Major Resistance 1.5440, Good to Buy Breakout Above

• Dovish RBA SoMP weighed on the Aussie, pushing EUR/AUD higher. 
• The pair broke above daily cloud and is testing major resistance at 1.5440. 
• Australian inflation and wage growth outlook cast a mantle of doubt over the OZ nation’s economic growth prospects and bolstered calls for further RBA rate cuts. 
• Our previous call (http://www.econotimes.com/FxWirePro-EUR-AUD-hits-2-month-highs-at-15273-momentum-bullish-203298) has hit all targets. 
• A decisive break above 1.5440 could take the pair higher, test of 1.5575 and then 1.56 levels then likely.  
• Techs on daily charts support upside, major moving averages biased higher, RSI strong at 67 levels. 
• On weekly charts, Stcohs have shown a bullish rollover from oversold levels, RSI is biased north and MACD line is on the verge of a bullish crossover on signal line.
  

Recommendation: Go long on breakout above 1.5440, SL: 1.53, TP: 1.55/1.5575/ 1.56 

The material has been provided by