• EUR/AUD declined on Wednesday as the pair attracted sellers after soft US data and Powell comments.
• The Fed's Powell cautioned that continued progress on lowering inflation is not assured but said rate cuts remain on the table for later this year.
• The is pair heading towards the lower 50%fib, as near term direction of the pair is likely to be driven by current price action.
• Technical are bearish, daily RSI has turned lower, daily momentum studies 5, 9 and 10 DMAs are trending down.
• Immediate resistance is located at 1.6673 (38.2%fib ), any close above will push the pair towards 1.6711(Daily high).
• Strong support is seen at 1.6577 (Daily low ), and break below could take the pair towards 1.6543(50%fib).
Recommendation: Good to sell on around 1.6610, with stop loss of 1.6750 and target price of 1.6540
