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FxWirePro:EUR/AUD remains weak, eyes 23.6%fib support

• 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
 

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