• EUR/AUD declined on Friday as concerns over soaring commodity prices and uncertainty surrounding the war in Ukraine weighed on the pair.
• Investors were concerned as Eurozone faced multi-decade high inflation and growing recession risk .
• 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 1.4749(38.2%fib), any close above will push the pair towards 1.4883 (21DMA)
• Support is seen at 1.4642 (March 29th low ) and break below could take the pair towards 1.4515 (23.6%fibb).
Recommendation: Good to sell on rally around 1.4750, with stop loss of 1.4830 and target price of 1.4670.
