FxWirePro: EUR/AUD Breaks Major Support at 1.5355, on Track to Test 100-DMA at 1.5192
7 June 2016, 08:20
0
86
FxWirePro: EUR/AUD Breaks Major Support at 1.5355, on Track to Test 100-DMA at 1.5192
- EUR/AUD has broken major trendline support at 1.5355 and is currently trading around 1.53 levels as Aussie spiked post-RBA decision.
- RBA Board decided to leave the cash rate unchanged at 1.75 per cent, noting that policy would be consistent with sustainable growth in the economy and inflation returning to target over time.
- Intraday bias for the pair is lower, EUR/AUD on track to test 100-DMA at 1.5192, break below could see 1.51 levels.
- Focus now turns towards the Chinese trade figures due to be published tomorrow.
- Immediate resistance is 1.5355 (trendline), while support is seen at 1.5238 (June 1st lows) ahead of 1.5192 (100-DMA).
Recommendation: Good to Sell rallies around 1.5310/1.5315, SL: 1.5360, TP: 1.5240/ 1.52/ 1.5190
The material has been provided by 
