• EUR/AUD declined on Tuesday as firm commodity and equity prices supported risk currencies like Australian dollar.
•Iron ore prices, Australia’s number one export earner, were higher in choppy trading on Tuesday.
• Selling pressure will remain in the short-term, only a move above 1.5567 ( 50 % fib) strong resistance will shift the bias higher.
• From a technical viewpoint, the moving averages are pointing downwards, while the RSI is strongly bearish at 30.
• Immediate resistance is located at 1.5501 ( 5DMA), any close above will push the pair towards 1.5553 ( 38.2 % fib).
• Strong support is seen at 1.5421 (23.6% fib ) and break below could take the pair towards 1.5363 (Lower BB).
Recommendation: Good to sell around 1.5450, with stop loss of 1.5580 and target price of 1.5380.
