• EUR/AUD declined on Wednesday as soft data and dovish central bank commentary weighed on euro .
• German industrial orders fell unexpectedly in October, declining by 3.7% on the previous month on a seasonally and calendar-adjusted basis, the federal statistics office said on Wednesday.
• Bearish signals are increasing today after drop below (38.2% fib) support. Pair is like fall towards
• Technical signals are bearish as RSI is at 41, daily momentum studies 5, 9 and 10 DMAs are trending down.
• Immediate resistance is located at 1.6472(38.2% fib), any close above will push the pair towards 1.6494(10 DMA)
• Support is seen at 1.6347 (23.6% fib ) and break below could take the pair towards 1.6323 (Sep 29th low).
Recommendation: Good to sell on around 1.6430, with stop loss of 1.6550 and target price of 1.6350.
