•EUR/AUD declined on Friday as the Russian invasion of Ukraine and uncertainty about the speed and timing of European Central Bank rate hikes weighed on euro.
• ECB President Christine Lagarde said on Thursday,the ECB will be in no hurry to raise interest rates, even as another policymaker made the case for one and possibly two rate moves later this year.
•The pair reaches 1.4899 after extending south from 1.5058(Daily high). 1.4899 is the lowest level since March 11th.
•Technical signals are bearish as RSI is heading down at 34, daily momentum studies 5, 9 and 11 DMAs are trending down.
•Immediate resistance is located at 1.5058 ( 9DMA), any close above will push the pair towards 1.5143 (38.2%fib)
•Support is seen at 1.4899 (23.6% fib) and break below could take the pair towards 1.4792(8th March low).
Recommendation: Good to sell on rally around 1.4910, with stop loss of 1.4980 and target price of 1.4820.
