• EUR/AUD declined on Monday as victory of Anthony Albanese's Labor Party in Australia’s parliamentary elections and easing US-China trade concerns lifted the Australian dollar.
• China's Commerce Ministry announced that it is evaluating Washington's proposal for talks regarding U.S. President Donald Trump's hefty tariffs.
• Trump on Sunday said the U.S. was meeting with many countries, including China, on trade deals, and his main priority with China was to secure a fair trade deal.
• Optimism around a potential de-escalation of trade tensions between the U.S. and China has boosted markets in recent days.
• Immediate resistance is located at 1.7775(50%fib), any close above will push the pair towards 1.7895(April 30th high)
• Support is seen at 1.7472(61.8%fib) and break below could take the pair towards 1.7408(Lower BB).
Recommendation: Good to sell on rally around 1.7520, with stop loss of 1.7570 and target price of 1.7450
