• EUR/AUD declined on Wednesday as global growth fears, rising inflation and on-going Ukraine crisis weighed on euro.
• Major support is at 1.4692, close and break below will accelerate downtrend towards 1.4500 level.
• Technical signals show the pair could lose more ground in the short-term as RSI is at 49 bearish, daily momentum studies 9, 10 and 11 DMAs are trending down.
• Immediate resistance is located at 1.4875(5 DMA), any close above will push the pair towards 1.4940(38.2% fib)
• Strong upport is seen at 1.4692(23.6% fib) and break below could take the pair towards 1.4701 (23.6% fib).
Recommendation: Good to sell around 1.4820, with stop loss of 1.5100 and target price of 1.4760.
