• EUR/AUD initially dipped but recovered some ground on Friday as traders looked for a fresh catalyst as ECB decision was a non-event.
• Choppy range trading has dominated price action in absence of a clear trend.
• From a technical viewpoint, the moving averages are pointing downwards, while the RSI is bearish at 49.
• Immediate resistance is located at 1.6720(50%fib), any close above will push the pair towards 1.6786(Sep 12th high).
• Strong support is seen at 1.6670(14DMA) and break below could take the pair towards 1.6621(38.2%fib).
Recommendation: Good to sell around 1.6680, with stop loss of 1.6780 and target price of 1.6620