FxWirePro: EUR/AUD Supported Above Daily Cloud, Weakness Only on Break Below

FxWirePro: EUR/AUD Supported Above Daily Cloud, Weakness Only on Break Below

17 May 2016, 07:45
Roberto Jacobs
0
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FxWirePro: EUR/AUD Supported Above Daily Cloud, Weakness Only on Break Below

  • EUR/AUD saw sharp downside as Aussie buoyed post RBA minutes which saw markets push out rate cut bets. 
  • The pair saw steep slump from 1.5537 levels to hit session lows at 1.5366, but pared some losses to currently edge higher. 
  • Downside finds strong support by daily cloud top at 1.5359, break below needed for further downside. 
  • Stochs are at overbought levels and on the verge of a rollover, while RSI shows rollover from oversold, supporting downside in the pair. 
  • Break below daily cloud finds next strong support at 1.5292 (200-DMA) and further below at 1.5220 (May 5th lows).


Recommendation: Good to short on break below 1.5360, SL: 1.5425, TP: 1.53/1.5245/1.5220 

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