• EUR/AUD traded in tight range on Thursday as investors nervously evaluated mixed economic data and awaited Friday's crucial jobs report.
• Thursday's data showed U.S. private employers hired the fewest workers in 3.5 years in August, indicating a potential sharp slowdown in the labor market.
• The weak data did little to ease investor concerns as they awaited Friday’s U.S. non-farm payroll report for August, which is expected to provide clarity on the pace of Fed’s rate cuts.
• Technical signals are bullish as RSI is at 51, daily momentum studies 5, 9 and 1 DMAs are trending up
• Immediate resistance is located at 1.6523 (38.2%fib), any close above will push the pair towards 1.6600(Psychological level)
• Support is seen at 1.6425(38.2 %fib ) and break below could take the pair towards 1.6322(50 %fib).
Recommendation: Good to buy around 1.6490 , with stop loss of 1.6400 and target price of 1.6560
