EUR/AUD hit fresh multi-month lows at 1.4738 in Friday's trade and had since pared some losses to currently trade 1.4806.
- Our call for the pair (http://www.econotimes.com/FxWirePro-EUR-AUD-breaks-below-149-handle-hits-fresh-2016-lows-at-14843-171788) has hit all targets.
- We see further downside in store, weakness evident in the weekly charts, tests of 1.47 likely. Further weakness could see 1.4650 levels.
- 1.49 (5-DMA) is immediate resistance on the upside, while support is seen at 1.4738 (Mar 4th lows).
Recommendation: Book partial profits, lower trailing stop to 1.4820, target 1.47/1.4650
