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FxWirePro:EUR/AUD downside pressure builds, key support level in focus

• EUR/AUD declined on Thursday as  pair attracted seller after the comments from the Fed officials reaffirming the need for further rate hikes.

• Fed minutes said the central bank will continue raising interest rates in the coming months in order to combat inflation.

• Technical signals are bearish as RSI is heading down  at 44, daily momentum studies  5, 9 and 1 DMAs are trending down. 

• Immediate resistance is located at 1.4670 ( 30 DMA), any close above will push the pair towards 1.4744(Higher BB)

• Strong support is seen at 1.4565 (23.6 %fib ) and break below could take the pair towards 1.4420(Lower BB).

Recommendation: Good to sell on rally around 1.4590, with stop loss of 1.4670 and target price of 1.4510.
 

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