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

• EUR/AUD declined on Thursday as the pairs drop was by was  aided gains in copper , gold  and surprise in ECB statement.

• The pair dropped  to test (38.2% fib) at  1.4901, subsequent weak closings below 38.2% fib will acceate further  downtrend. 

•  Technical are bearish, daily RSI is negative at 30, daily momentum studies  9 and 10 DMAs are trending down. 

• Immediate resistance is located at 1.5022 ( (DMA), any close above will push the pair towards 1.5076 (50% fib)

• Support is seen at 1.4901 ( 38.2% fib)and break below could take the pair towards 1.4684 (23.6% fib)
.
Recommendation: Good to sell on rally around 1.4960, with stop loss of 1.5120  and target price of 1.4880.
 

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