• EUR/AUD declined on Tuesday as investors sought riskier assets after weak U.S. data.
• Bearish signals are increasing today after todays drop.Pair falls sharply below the 5-DMA & 50%fib retracement level
• The pair currently is approaching support at 1.5792(61.8% fib ). A break below would unmask 1.5700 level in the short term.
• Technical signals are bearish as RSI is turning lower, daily momentum studies 5, 9 and 10 DMAs are trending down.
• Immediate resistance is located at 1.5848 ( 50%fib), any close above will push the pair towards 1.5906 (38.2%fib)
• Support is seen at 1.5792(61.8% fib ) and break below could take the pair towards 1.5736 (Lower BB).
Recommendation: Good to sell on rally around 1.5820, with stop loss of 1.5930 and target price of 1.5760.
