FxWirePro: EUR/AUD dips below lower range, bearish bias increases

• EUR/AUD dipped on Monday  as  higher commodity price, hawkish RBA rate  hike expectation, upbeat China data    supported Australian dollar.

•  Gold and silver prices jumped to new record peaks, while oil dipped on concerns about what a possible trade war between the U.S. and Europe could mean for global growth and demand.

• China’s economy grew 5.0% last year, meeting the government’s target by capturing a record share of global goods demand to offset weak domestic consumption, a strategy that helped cushion U.S. tariff impacts but is becoming harder to sustain.

• Attention now turns to Australian December labour market data due Thursday, where a Reuters poll forecasts 30,000 jobs added and the unemployment rate holding at 4.4%, a key test for RBA policy expectations.

• Strong  resistance is located at 1.7441(38.2% fib), any close above will push the pair towards 1.74640 (SMA 20)

• Immediate support is seen at 1.7305 (23.6% fib) and break below could take the pair towards 1.7225 (Lower BB).

  Recommendation: Good to sell   around 1.7340, with stop loss of 1.7400 and target price of 1.7250