EUR/AUD strong support at 1.4030, short break below
EUR/AUD is extending downside after rejection at major trendline resistance at 1.4220.
The pair has slipped below 100-DMA and intraday bias remains bearish.
Price action is well below 200-DMA and bearish RSI divergence on daily charts adds to bearish bias.
We see strong support by major trendline at 1.4030, break below is likely to see further drag.
Below 1.4030 we see next major support at 50-DMA at 1.3972. Violation there could see test of 1.3939 (Mar 31 low).
On the flipside, we see reversal on trend only on break above trendline at 1.4215.
Good to go short on break below 1.4030, SL: 1.4080, TP: 1.3975/ 1.3940/ 1.39
The pair has slipped below 100-DMA and intraday bias remains bearish.
Price action is well below 200-DMA and bearish RSI divergence on daily charts adds to bearish bias.
We see strong support by major trendline at 1.4030, break below is likely to see further drag.
Below 1.4030 we see next major support at 50-DMA at 1.3972. Violation there could see test of 1.3939 (Mar 31 low).
On the flipside, we see reversal on trend only on break above trendline at 1.4215.
Good to go short on break below 1.4030, SL: 1.4080, TP: 1.3975/ 1.3940/ 1.39