• EUR/AUD declined on Friday as the cross pair attracted sellers after U.S. non-farm payrolls disappointed expectations.
• EUR/AUD fell 0.70%, breaking 5DMA at 1.5776 , as well as the 38.2% fibo retracement at 1.5748.
• Technical signals has turned bearish as RSI is heading down sharply, daily momentum studies 5, 9 and 11 DMAs are trending down.
• Immediate resistance is located at 1.5748 ( 38.2%fib), any close above will push the pair towards 1.5766(5 DMA)
• Strong support is seen at 1.5711 (Daily low ) and break below could take the pair towards 1.5658 (50%fib).
Recommendation: Good to sell on rally around 1.5740, with stop loss of 1.5780 and target price of 1.5680.
