• EUR/AUD declined sharply on Wednesday as higher commodity prices boosted commodity linked Australian dollar
• Investors were attracted by Australia's status as a net energy exporter and distanced from Europe's troubles.
• Technical signals are bearish as RSI is heading down at 24, daily momentum studies 5, 9 and 11 DMAs are trending down.
• Immediate resistance is located at 1.6324 ( 38.2% fib), any close above will push the pair towards 1.5360(5 DMA)
•Support is seen at 1.5221 (23.6% fib) and break below could take the pair towards 1.6000(1st Jan 2018 Low).
Recommendation: Good to sell on rally around 1.5240, with stop loss of 1.5350 and target price of 1.5160.
