• EUR/AUD recovered on Friday as risk aversion and falling metals , and equities weighed on the Australian dollar.
• Stocks fell as uncertainty over the Iran war continued to disrupt energy supplies, heightening concerns over fuel prices and interest rates.
• The price of oil crossed $100 per barrel even as an Indian tanker sailed out of the Strait of Hormuz and the U.S. put forth measures to try to ease supply concerns.
• Gold was 1.27% lower at $5,014 per ounce on Friday, capping a drop on the week.
• Technical signals are bearish as RSI is at 36, momentum studies 11,14 and 21 DMAs are trending down.
• Strong resistance is located at 1.6494 (38.2%fib), any close above will push the pair towards 1.6537(SMA 20)
• Immediate support is seen at 1.6114(23.6% fib) and break below could take the pair towards 1.6063(Lower BB).
Recommendation: Good to sell around 1.6450, with stop loss of 1.6550 and target price of 1.6350
