• EUR/AUD hovered around 1.6842 on Thursday as investors turned cautious ahead of Federal Reserve Chair Jerome Powell’s speech later this week.
• Investors waited for Fed Chair Jerome Powell’s speech on Friday at 10:05 a.m. EDT for confirmation on whether interest rates are going to stay higher for longer..
• EUR/AUD has seen a 1.6757 -1.6863 range on Thursday, signals suggest further range trading.
• Technical signals RSI has tuned sharply lower, daily momentum studies 5, 9 and 11 DMAs are trending down.
• Immediate resistance is located at 1.6863 ( 5 DMA), any close above will push the pair towards 16897 (38.2%fib)
• Support is seen at 1.6757 (50% fib ) and break below could take the pair towards 1.6607(61.8% fib).
Recommendation: Good to sell around 1.6850, with stop loss of 1.6980 and target price of 1.6790
