• EUR/AUD retreated from daily high on Tuesday as investors adjusted their positions ahead Australian inflation data and GDP data.
• Australian Jan inflation data due at 0030 GMT. Hotter than expected print would cement expectation of RBA hike next week
• Price slides to 1.5702 from 1.5812 Mon high. Consolidation likely to continue while market seeks fresh factors.
• Technical signals are bullish RSI implies upward shorter-term momentum is in place,while moving averages are tending higher
• Immediate resistance is located at 1.5769 ( Feb 27th high), any close above will push the pair towards 1.5809 (23.6%fib).
• Strong support is seen at 1.5702 (38.2%fib) and break below could take the pair towards 1.5651(5DMA).
Recommendation: Good to buy around 1.5710, with stop loss of 1.5600 and target price of 1.5810
