FxWirePro: EUR/AUD bears maintain upper hand

• EUR/AUD dipped on Tuesday   as escalating U.S.-Iran tensions and elevated crude oil prices weighed on the pair.

•  Investors stayed cautious as the U.S.-Iran conflict reignited energy fears after the U.S. reinstated its naval blockade, threatening shipping through the Strait of Hormuz. 

• U.S. President Donald Trump backed away from a proposal to charge a 20% transit fee for the vital Strait of Hormuz, saying that he would instead seek investment deals with Gulf states.

• Iran's Deputy Foreign Minister Kazem Gharibabadi told state TV that the strait was part of Iran's national security and that it would exercise its sovereignty over it whatever the cost.

• The U.S. military said on Tuesday it was launching more strikes against Iran. Iran fired ballistic missiles at a U.S. air base in Jordan, while the U.S. has attacked Iranian targets for three successive nights.

• Immediate resistance is located at 1.6452(SMA 20), any close above will push the pair towards 1.6490(50%fib)

• Support is seen at 1.6354(38.2%fib)and break below could take the pair towards 1.6283(Lower BB)

Recommendation: Good to sell around 1.6380 , with stop loss of 1.6460 and target price of 1.6320