• EUR/AUD declined on Tuesday as the pair attracted sellers as investors awaited a raft of central bank interest rate decisions this week.
• Investors awaited interest rate decisions by major central banks this week, including the U.S. Federal Reserve on Wednesday and Bank of England, Swiss National Bank, Riksbank and Norges Bank on Thursday.
• A close below 61.8% fib support puts 1.6450 level in focus.
• Technicals highlight dowsiderisks. The 5, 9 and 11 day moving averages are trending south, daily RSI is pointing downwards at 40.
• Immediate resistance is located at 1.6589(5DMA), any close above will push the pair towards 1.6671(38.2%fib).
• Strong support is seen at 1.6515(61.8% fib) and break below could take the pair towards 1.6472(Lower BB)
Recommendation: Good to sell around 1.6550, with stop loss of 1.6700 and target price of 1.6450
