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FxWirePro: EUR/AUD downtrend intact, eyes 1.6400level

• EUR/AUD dipped on   Wednesday  as  Australian dollar firmed as investors positioned ahead of key Australian labor market data.

•  Attention now shifts to Australia’s March employment report, due later today. Expectations point to a modest labor market expansion, with the economy projected to add around 20K jobs.

•   A stagflation warning from RBA Deputy Governor Andrew Hauser on Tuesday has heightened worries about the outlook for the Australian economy..

• Andrew Hauser said the coming months will be “challenging” for Australia, citing an energy shock linked to Middle East conflicts alongside persistent inflationary pressures.

• Strong  resistance is located at 1.6518(50% fib), any close above will push the pair towards 1.6620(SMA 20)

• Immediate support is seen at 1.6423(Lower BB) and break below could take the pair towards 1.341(38.2%fib).

  Recommendation: Good to sell   around 1.6470, with stop loss of 1.6550 and target price of 1.6400

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