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.