• EUR/AUD declined on Thursday after the European Central Bank eased its pace of rate hikes and indicated that it may pause further increases.
• The ECB’s 25-basis-point increase was the smallest since it started lifting them last summer.
• Technical are bearish, daily RSI is negative while 14-day momentum turned negative on Wednesday, reinforcing the downside shift.
• Immediate resistance is located at 1.6553 ( 5DMA), any close above will push the pair towards 1.6634(38.2%fib)
• Support is seen at 1.6454(50%fib ) and break below could take the pair towards 1.6367(May 2nd low).
Recommendation: Good to sell on rally around 1.6480, with stop loss of 1.6650 and target price of 1.6400
