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FxWirePro:EUR/AUD dips below lower range, bearish bias increases

• 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.

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