• EUR/AUD declined sharply on Thursday as gains in equities , commodities boosted Australian dollar across the board
• Dalian iron ore gained 1.70% to provide extra support for the Australian dollar. At GMT 17:57, the pair was trading down 0.83 percent at 1.4292
• Technical signals show the pair could lose more ground as RSI is at 34 bearish, and 9, 11,21 DMA’s are trending south.
• Immediate resistance is located at 1.4426 (Daily high), any close above will push the pair towards 1.4458(38.2%fib).
• Immediate support is seen at 1.4289(23.6%fib) and break below could take the pair towards 1.4256(Lower BB).
Recommendation: Good to sell round 1.4300, with stop loss of 1.4380 and target price of 1.4200
