• EUR/AUD dipped on Wednesday as investors weighed renewed strikes on Iran.
• The U.S. struck Iran's coastal defense and missile sites after reimposing a naval blockade, while Iran threatened to disrupt regional energy exports, escalating tensions in the Middle East.
• The latest escalation in hostilities between the U.S. and Iran kept oil prices near one-month highs, maintaining pressure on the inflation outlook.
• Hostilities have escalated after Iran closed the Strait of Hormuz, disrupting a key route that previously handled about 20% of global oil and gas shipments..
• Immediate resistance is located at 1.6463(50%fib), any close above will push the pair towards 1.516(July 8th high)
• Support is seen at 1.6309(38.2%fib)and break below could take the pair towards 1.6256(Lower BB)
Recommendation: Good to sell around 1.6380 , with stop loss of 1.6460 and target price of 1.6320
