• EUR/AUD declined on Thursday as concerns over soaring commodity prices and uncertainty surrounding the war in Ukraine weighed on the pair.
• Investors closely tracked a meeting of Western leaders as the Ukraine crisis enters its second month.
• Technical signals are bearish as RSI is heading down at 28, daily momentum studies 5, 9 and 11 DMAs are trending down.
• Immediate resistance is located at 1.4708 (23.6%fib), any close above will push the pair towards 1.4775 (5DMA)
• Support is seen at 1.4611 (Daily low ) and break below could take the pair towards 1.4556 (Lower BB).
Recommendation: Good to sell on rally around 1.4770, with stop loss of 1.4900 and target price of 1.4700.
