• EUR/AUD declined on Wednesday as USD/CNH, equity & commodity gains helped buoy AUD/USD
• On the data front, Australian wage growth unexpectedly slowed from 15-year highs in the first quarter, data showed on Wednesday.
• Figures from the Australian Bureau of Statistics on Wednesday showed the wage price index rose 0.8% in the March quarter, missing market forecasts for a 0.9% rise.
• Technical signals are bearish as RSI is heading down at 38, daily momentum studies 5, 9 and 11 DMAs are trending down.
• Immediate resistance is located at 1.6345 ( 38.2% fib), any close above will push the pair towards 1.6385(May 8th high)
• Support is seen at 1.6258 (23.6% fib) and break below could take the pair towards 1.6205(Lower BB).
Recommendation: Good to sell on rally around 1.6260, with stop loss of 1.6360 and target price of 1.6170.
