• EUR/AUD dipped on Tuesday as Australian dollar firmed as improved market sentiment supported Australian dollar.
• Australian dollar also is underpinned by the RBA’s cautious yet hawkish stance, which limits expectations of further easing.
• Focus now turns to appearances by Michele Bullock and Christopher Kent before the Senate Economics Committee at 2200 GMT.
• On the data front,investors are awaiting Australia’s Q3 GDP data due Wednesday, with the Reuters poll forecasting +0.7% q/q and +2.2% y/y growth.
• Immediate resistance is located at 1.7782(SMA 20), any close above will push the pair towards 1.7789(50 % fib).
• Support is seen at 1.7682 (38.2 % fib) and break below could take the pair towards 1.7636(Lower BB).
Recommendation: Good to sell around 1.7710, with stop loss of 1.7800 and target price of 1.7600
