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

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

6 May 2016, 09:08
Roberto Jacobs
0
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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 

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