FxWirePro: EUR/AUD slides as Australian dollar gains traction following RBA decision

• EUR/AUD dipped  on Tuesday as the Australian dollar gained traction as investors digested RBA rate decision and   firm data from Chinese business activity.

• The Reserve Bank of Australia (RBA) kept its cash rate at 4.10% in April 2025, as expected. The statement highlighted moderating inflation but stressed that returning inflation to target remains a key priority.

• Policymakers reiterated that monetary policy remains restrictive and emphasized the need for confidence to keep inflation on its downward trajectory.

• China's factory activity grew at its fastest pace in four months in March, driven by stronger demand and robust export orders, according to a private-sector survey released on Tuesday.

• Immediate resistance is located at 1.7367(Daily high), any close above will push the pair towards 1.7400(38.2% fib).

• Immediate support is seen at 1.7181(50% fib) and break below could take the pair towards 1.7053(March 27th low).

 Recommendation: Good to buy on dips around 1.7160 with stop loss of 1.7080and target price of 1. 7260