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• EUR/AUD initially gained on Tuesday after dovish RBA statement but resumed downside as euro was weighed down by downbeat eurozone inflation data.
• Inflation in the eurozone turned negative in August for the first time since May 2016 at minus 0.2%.
• The pullback from the low has passed through the 38.2% fibonacci retrace level at 1.6166 and now eyes 23.6% fib at 1.6022.
• The pair has traded a 89 pip range thus far Tuesday, 1.6245 -1.6156 .Unless there is major news downtrend looks set to extend.
• Technical signals are strongly bearish as RSI is 33, daily momentum studies 9, 11 and 21 DMAs are trending down.
• On the upside, Immediate resistance is located at 1.6248 ( Daily high), any close above will push the pair towards 1.6286 (50% fib)
• On the downside, support is seen at 1.6100 (Psychological level ) and break below could take the pair towards 1.6022 (23.6%fib).
Recommendation: Good to sell on rallies around 1.6170, with stop loss of 1.6250 and target price of 1.6000.
