• EUR/AUD initially gained on Tuesday but gave up some ground as investors waited Australian CPI data.
• For the first time, the ABS will issue comprehensive CPI figures on a monthly basis, giving economists a clearer read on economic trends.
• The initiative has been underway for quite some time and has been publicly championed by the Reserve Bank of Australia, which considers it crucial for obtaining current economic insights
•Forecasts indicate the ABS will report a 3.6% annual rise in monthly CPI for October, matching the estimate for September.
• Immediate resistance is located at 1.7939(50%fib), any close above will push the pair towards 1.7980 (Higher BB).
• Support is seen at 1.7848(61.8%fib) and break below could take the pair towards 1.7754(SMA 20).
Recommendation: Good to buy around 1.7840, with stop loss of 1.7750 and target price of 1.7970
