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