• EUR/AUD initially declined on Tuesday but pared some losses as investors positioned for month-end
• Selling pressure will remain in the short-term, only a move above 1.5538 (38.2%fib) strong resistance will shift the bias higher.
• At GMT 14:54, the pair was trading down 0.02 percent at 1.5396.
• Technical signals are bearish as RSI is heading down at 43, daily momentum studies 5, 9 and 11 DMAs are trending down.
• Immediate resistance is located at 1.5440 ( 9DMA), any close above will push the pair towards 1.5538 (38.2%fib).
• Support is seen at 1.5341 ( 23.6%fib)and break below could take the pair towards 1.5294(Lower BB).
Recommendation: Good to sell around 1.5410, with stop loss of 1.5500 and target price of 1.5340.
