• EUR/AUD initially gained on Thursday risk sentiment flowed back into the market after dollar gains cooled off.
• EUR/AUD drops from 1.6475 to hit daily low at 1.6354. Break lower at 1.6342 support risks run towards 1.6300.
• Technical lean bearish, RSI is lower at 49 daily momentum studies 9, 11 and 14 DMA’s are trending down.
• Immediate resistance is located at 1.6388 (9DMA), any close above will push the pair towards 1.6490 (23.6%fib).
•Support is seen at 1.6342 (38.2%fib) and break below could take the pair towards 1.6278 (May 24th low).
Recommendation: Good to sell around 1.6360, with stop loss of 1.6480 and target price of 1.6280
