- EUR/AUD struggling to extend gains beyond 1.5343, consolidating after rally from 1.4348 lows (Dec 3rd).
- Momentum studies are neutral – 5, 10 & 20 DMAs base/climb – positive setup exists, bounce from here targets a test of 1.5466 (50% of August/December fall).
- Converging Tenkan and Kijun lines at 1.4846 is strong support on the downside, weakness only on breaks below.
- Stochs are in overbought region, some unwinding likely, caution advised, RSI is at 55 and has room to run.
Recommendation: We would use dips around 1.5020 to go long, SL: 1.4840, TP: 1.5460 Resistance Levels:R1: 1.5256 (Dec 10 high)R2: 1.5303 (Dec 9 high)R3: 1.5335 (Dec 14 high)Support Levels:S1: 1.5045 (Dec 9 lows)S2: 1.5014 (10 DMA)S3: 1.4873 (21 DMA)
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