• EUR/AUD climbed on Friday as weaker Chinese trade data undermined the Australian dollar
• China's exports contracted sharply in March while imports unexpectedly shrank, undershooting forecasts by big margins.
• Exports from China slumped 7.5% year-on-year last month by value, customs data showed on Friday, the biggest fall since August last year and compared with a 2.3% decline forecast in a poll.
• EUR/AUD has remained solid at 1.6460 and has so far resisted dropping below the important 1.6393 (50%fib) support.
• Immediate resistance is located at 1.6471 (38.2%fib), any close above will push the pair towards 1.6517 (April 11th high).
• Immediate support is seen at 1.6447 (5EMA) and break below could take the pair towards 1.6393 (50%fib).
Recommendation: Good to buy on dips around 1.6450, with stop loss of 1.6300 and target price of 1.6540
