• EUR/AUD declined on Tuesday as euro was weighed down after data showed Germany’s ZEW survey of economic sentiment for August missed expectations by a significant margin.
• German ZEW economic sentiment survey posted big miss at 40.4 vs 56.7 (6.3 prior)
• At GMT 20:01, the pair was trading down 0.29 percent at 1.5946.
• Technical signals are bearish as RSI is heading down at 49, daily momentum studies 5, 9 and 11 DMAs are trending down.
• Immediate resistance is located at 1.5995( 21 DMA), any close above will push the pair towards 1.6042 (38.2%fib)
• Support is seen at 1.5934 (30DMA ) and break below could take the pair towards 1.5891 (50%fib).
Recommendation: Good to sell around 1.5950, with stop loss of 1.6050 and target price of 1.5880.
