EUR/AUD Technical Analysis: 1.5960 and 1.6000 can become bull’s favorites

EUR/AUD daily chart

• EUR/AUD is on bids around 1.5920 during early Thursday.

• 50-day simple moving average (SMA) at 1.5960, followed by a downward sloping trend-line joining highs marked since January 10 at 1.6000 mark become immediate resistances for the pair to clear in order to justify its strength.

• Should the prices rally beyond 1.6000, 1.6055, 1.6100 and 1.6185 are likely following numbers to appear on the chart.

• On the flipside, 1.5800 can offer nearby support to the pair ahead of diverting market attention to a trend-line connecting low printed since December 12 at 1.5740.

• In a case, the pair drops under 1.5740, 1.5670 and 1.5550 can come forward as rests.

EUR/AUD 4-Hour chart

• There prevails a small halt at 1.6020 on H4 chart if the pair cross 1.6000 resistance whereas 1.6160 horizontal can act as a buffer between 1.6100 and 1.6185.

• Meanwhile, January 31 low around 1.5720 and 61.8% Fibonacci expansion (FE) of its Jan-Feb move, at 1.5640, are some additional supports to watch.

EUR/AUD hourly chart

• The hourly chart portrays the smallest possible trading range for the pair between 1.5940 and 1.5900.

• Given the pair’s break of any side, 1.5960 and 1.5865 can grab the spotlight.

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