• EUR/AUD declined on Tuesday as renewed concern that an energy shock will keep inflation elevated and makes a recession in Europe weighed on euro.
• Gas prices rose sharply on Monday as the prospect of maintenance on the main Russian pipeline to Europe put markets on edge.
• At GMT 19:50, the pair was trading down 0.43 percent at 1.4387
• Technical signals show the pair could lose more ground as RSI is at 37 bearish, and 9, 11,21 DMA’s are trending south.
• Immediate resistance is located at 1.4470 (Daily high), any close above will push the pair towards 1.4515(38.2%fib).
• Immediate support is seen at 1.4370 (23.6%fib) and break below could take the pair towards 1.4330 (Lower BB).
Recommendation: Good to sell round 1.4400, with stop loss of 1.4520 and target price of 1.4310
