• EUR/AUD declined on Tuesday as markets braced for potential U.S. election uncertainty.
• The pair currently is approaching support at 1.6341(38.2% fib). A break under 1.6341would unmask 1.7200 level in the short term.
• Technical signals are bearish as RSI is at 40, daily momentum studies 5, 9 and 10 DMAs are trending down.
• On the upside, Immediate resistance is located at 1.7439( 50%fib), any close above will push the pair towards 1.6496 (30 DMA)
• On the downside, support is seen at 1.6341(38.2% fib ) and break below could take the pair towards 1.6221 (23.6%fib).
Recommendation: Good to sell on rally around 1.6380, with stop loss of 1.6500 and target price of 1.6270.
