• EUR/AUD declined on Monday as pair attracted seller as weekend news suggested EU energy crisis was worsening.
• EUR/AUD outlook negative as rising energy costs and hawkish ECB threaten economy. Only a break above 1.47171 (38.2 %fib) resistance would ease the downward pressure
• Technical signals are bearish as RSI is heading down at 49, daily momentum studies 5, 9 and 11 DMAs are trending down.
• Strong resistance is located at 1.47171 (38.2 %fib), any close above will push the pair towards 1.4745(Higher BB)
• Strong support is seen at 1.4565 (23.6 %fib ) and break below could take the pair towards 1.4530 (9DMA).
Recommendation: Good to sell on rally around 1.4610, with stop loss of 1.4670 and target price of 1.4510.
