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FxWirePro: EUR/AUD reverses recent rally, bias back to downside

• EUR/AUD declined on Tuesday as investors sought riskier assets after weak U.S. data.

• Bearish signals are increasing today after todays drop.Pair falls sharply below the 5-DMA & 50%fib retracement level

• The pair currently is approaching support at 1.5792(61.8% fib ). A break below would unmask 1.5700 level in the short term.

• Technical signals are bearish as RSI is turning lower, daily momentum studies  5, 9 and 10 DMAs are trending down. 

• Immediate resistance is located at 1.5848 ( 50%fib), any close above will push the pair towards 1.5906 (38.2%fib)

• Support is seen at 1.5792(61.8% fib ) and break below could take the pair towards 1.5736 (Lower BB).

  Recommendation: Good to sell on rally around 1.5820, with stop loss of 1.5930 and target price of 1.5760.

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