• EUR/AUD steadied on Tuesday as disappointing Chinese data, lower equity and copper prices weighed on Australian dollar.
• China's April industrial output and retail sales growth undershot forecasts, suggesting the economy lost momentum at the beginning of the second quarter.
• At GMT 16:58, the pair was trading up 0.64 percent at 1.6327 .
• From a technical viewpoint, RSI is strongly bullish at 51, daily momentum studies, 5, 10 and 21 daily MAs all climb.
• Immediate resistance is located at 1.6321 (Daily high), any close above will push the pair towards 1.6395 (38.2%fib).
• Immediate support is seen at 1.6269 (5DMA)and break below could take the pair towards 1.6179 (38.2%fib).
Recommendation: Good to buy on dips around 1.6300, with stop loss of 1.6200 and target price of 1.6380
