• EUR/AUD declined on Wednesday as increased risk appetite added to the AUD's shine.
• Investors sought riskier assets despite rise in COVID cases in China.
•Technical signals are bearish as RSI is heading down , daily momentum studies 5, 9 and 11 DMAs are trending down.
•Immediate resistance is located at 1.5822 ( 5DMA), any close above will push the pair towards 1.5946(23.6%fib)
• Support is seen at 1.5677(38.2%fib ) and break below could take the pair towards 1.5567(Dec 6th low).
Recommendation: Good to sell on rally around 1.5750, with stop loss of 1.5830 and target price of 1.5680.
