• EUR/AUD initially gained on Wednesday but gave up most of the ground as profit-taking on longs weighed on the cross pair.
• At GMT 20:13, the pair was trading 0.11% higher at 1.6430 , slightly lower from session high at 1.4897.
• EUR/AUD managed to move briefly above 1.4800 on Wednesday, strength was not sustained and the subsequent sharp retreat sent the pair back below 1.4800.
• Technical lean bearish, RSI is turning lower. While, 21 day Bollinger bands indicating an overbought market.
• Immediate resistance is located at 1.4812 (38.2%fib), any close above will push the pair towards 1.4910 (23.6%fib).
• Support is seen at 1.4749 (5DMA) and break below could take the pair towards 1.4730 (50%fib).
Recommendation: Good to sell on rallies around 1.4790, with stop loss of 1.4890 and target price of 1.4700.
