• EUR/AUD initially gained on Wednesday but gains were limited as traders awaited release of minutes from the Fed’s December policy meeting.
• Investors also keenly awaited a slew of U.S. economic data this week, including non-farm payrolls report on Friday.
• Technical lean bearish, RSI is lower at 43, momentum studies, 9, 11 DMAs falling southwards.
• Immediate resistance is located at 1.6243(38.2% fib), any close above will push the pair towards 1.6279(Daily high)
• Support is seen at 1.6157(23.6% fib) and break below could take the pair towards 1.6103 (Lower BB).
Recommendation: Good to sell on rally around 1.6250, with stop loss of 1.6380 and target price of 1.6170
