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• EUR/AUD rally extended towards 1.6725 on Wednesday Australian dollar as weighed down by RBA, higher US yeilds and global growth concerns.
• Investors awaited Australia Q2 retail sales data , China July Caixin services PMI for further impetus.
• From a technical viewpoint, RSI is strongly bullish at 61, daily momentum studies, 5, 10 and 21 daily MAs all climb.
• Immediate resistance is located at 1.6727(Daily high), any close above will push the pair towards 1.6615(38.2% fib).
• Immediate support is seen at 1.6598 (5DMA) and break below could take the pair towards 1.6499(50%fib).
Recommendation: Good to buy on dips around 1.6710, with stop loss of 1.6610 and target price of 1.6790
