• EUR/AUD initially dipped on Friday but recovered some ground as investors digested US jobs data.
• The Labor Department's Bureau of Labor Statistics (BLS) reported that U.S. non-farm payrolls increased by 199,000 jobs last month. Economists surveyed had predicted the creation of 180,000 jobs.
• EUR/AUD traded in a 1.6295/1.6369 range and was last trading at 1.6350 in US afternoon.
• Technical are bearish, daily RSI is negative at 38, daily momentum studies 9 and 10 DMAs are trending down.
• Immediate resistance is located at 1.6391(38.2%fib ), any close above will push the pair towards 1.6427 (5DMA).
• Strong support is seen at 1.6291 (23.6%fib ), and break below could take the pair towards 1.6234(Jul 13th low).
Recommendation: Good to sell on around 1.6380 with stop loss of 1.6460 and target price of 1.6300
