• EUR/AUD gained on Tuesday as investors took profits from the risk-on mood seen in the markets in the past weeks.
• The pair reaches 1.6340 after extending north from 1.6067 (early Asia low). 1.6324 is the highest level since June 5th.
• The pair has traded a 273 pip range thus far Tuesday, 1.6067 -1.6340.Unless there is major news choppy range trading looks set to extend.
• Technical signals are mixed as RSI is turning up, daily momentum studies 9, 11 and 21 DMAs are trending down.
• On the upside, Immediate resistance is located at 1.6340 ( 9 DMA), any close above will push the pair towards 1.6463 (23.6% fib)
• On the downside, support is seen at 1.6226 (5 DMA ) and break below could take the pair towards 1.6069 (Daily low).
Recommendation: Be on sidelines
