FxWirePro: EUR/AUD downside pressure builds, key support level in focus

• EUR/AUD dipped on Thursday as risk sentiment and   firmer commodity prices provided  support Australian dollar. 

• Australia’s July goods trade surplus came in at A$1.92 billion, above the A$1.45 billion consensus. However, goods exports fell 3.3% month-on-month, suggesting weaker external demand despite the larger trade surplus.

•  Markets are currently pricing a 61.0% probability of a 25-basis-point RBA rate hike in September.

• This week’s main U.S. economic release is U.S. jobs data on Friday, which is expected to show that employers added 56,000 jobs last month, according to the median estimate in a Reuters poll of economists. That would follow July's surprise drop of 23,000 jobs.

• Immediate resistance is located at 1.6268(SMA 20 ), any close above will push the pair towards 1.6312(38.2%fib).

• Immediate support is seen at 1.6125(23.6%fib) and break below could take the pair towards 1.6043(Lower BB)

Recommendation: Good to sell around 1.6160, with stop loss of 1.6280 and target price of 1.6100