• EUR/AUD declined on Tuesday as a landmark deal on European Union recovery fund and RBA's Lowe added to the AUD's shine
• RBA Governor Lowe said AUD/USD strength in line with fundamentals and ruled out negative interest rates and intervention in the foreign exchange markets.
• At GMT 17:32, the pair was trading down 0.84percent at 1.6174.
• Technical signals are bearish as RSI is heading down at 56, daily momentum studies 5, 9 and 1 DMAs are trending down.
• On the upside, Immediate resistance is located at 1.6222 ( 23.6% fib), any close above will push the pair towards 1.6256 (14 DMA)
• On the downside, support is seen at 1.6114 (Daily low ) and break below could take the pair towards 1.6000(Psychological level).
Recommendation: Good to sell on rally around 1.6200, with stop loss of 1.6260 and target price of 1.6050.
