• EUR/AUD initially dipped but recovered some ground as traders waited on more concrete information regarding potential trade tariffs by U.S. President Donald Trump.
• Traders are growing less responsive to tariff news, which has previously unsettled investors worried about its impact on inflation and growth
• Mexico, Canada, and the EU condemned Trump's decision to impose tariffs on all steel and aluminum imports next month.
• In an up-and-down session, the pair hit low at 1.6388 in early trading then gained towards 1.6464.
• Immediate resistance is located at 1.6549(Feb 7th high), any close above will push the pair towards 1.6577 (61.8%fib)
• Support is seen at 1.6384 (38.2% fib ) and break below could take the pair towards 1.6249(50% fib).
Recommendation: Good to buy around 1.6420 with stop loss of 1.6500 and target price of 1.6500
