• EUR/AUD initially dipped but recovered most of the ground on Tuesday as investors digested Reserve Bank of Australia’s latest meeting minutes .
• Meeting out on Tuesday showed RBA considered hiking rates by another quarter-point, but decided to hold steady given progress had been made on inflation and the labour market was loosening faster than expected.
• Investors remained skeptical about the possibility of further interest rate hikes, possibly influenced by last week's discouraging employment report.
• At GMT 18:46, the pair was trading up 0.16 percent at 1.6496 after reaching daily low at 1.6449 .
• Technical signals are bearish as RSI is heading down at 49, daily momentum studies 5, 9 and 1 DMAs are trending down.
• Immediate resistance is located at 1.6505(Daily high), any close above will push the pair towards 1.6564(23.6%fib)
• Strong support is seen at 1.6446 (32.8 %fib ) and break below could take the pair towards 1.6402 (Lower BB).
Recommendation: Good to sell around 1.6500, with stop loss of 1.6600 and target price of 1.6430
