• 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)
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Recommendation: Good to sell on rally around 1.4960, with stop loss of 1.5120 and target price of 1.4880.
