• EUR/AUD initially rose but lost some traction due to geopolitical concerns and a shift away from the Fed's dovish predictions.
•Investors are now focused on upcoming U.S. inflation, with September CPI and PPI reports due later this week.
•On the data front, German industrial production increased by 2.9% in August, which was higher than anticipated. However, this did not improve market mood, as traders continued to focus on the dire outlook for the euro-zone economy.
•From a technical viewpoint, RSI is bullsih at 52, daily momentum studies, 5, 9 and 11 daily MAs are trending up .
•Immediate resistance is located at 1.6289 (23.6% fib), any close above will push the pair towards 1.6371 (38.2% fib).
•Immediate support is seen at 1.6221(50% fib) and break below could take the pair towards 1.6156(61.8% fib).
Recommendation: Good to buy around 1.6260 with stop loss of 1.6200 and target price of 1.6300.
