• EUR/AUD declined on Wednesday as Australian dollar received added boost from better than expected Australian retail sales data.
• Data from the Australian Bureau of Statistics on Wednesday showed retail sales jumped 1.6% in March to a record A$33.6 billion ($23.9 billion), handily topping forecasts of a 0.6% gain.
• Selling pressure will remain in the short-term, only a move above 1.4771 (5DMA) strong resistance will reverse trend.
• Technicals are bearish as daily RSIs is at 43. The MACD and moving averages shows a stronger negative momentum.
• Immediate resistance is located at 1.4679 ( 38.2% fib), any close above will push the pair towards 1.4771 (5DMA)
• Stong support is seen at 1.4549(23.6% fib) and break below could take the pair towards 1.4438 (Lower BB).
Recommendation: Good to sell around 1.4660, with stop loss of 1.4750 and target price of 1.4500.
