FxWirePro: EUR/AUD downtrend extends ,eyes 23.6% fib support

• EUR/AUD slipped lower on Wednesday as Australian dollar firmed ahead of release of the key jobs report in Australia on Thursday.

• On Thursday at 0:30 GMT, Australia will report December employment figures, with analysts forecasting a mild recovery in the job market.

• December employment figures from the ABS is expected to show  30,000 new jobs. The jobless rate is forecast at 4.4%, slightly higher than November’s 4.3%, and the participation rate is seen steady at 66.8%, virtually unchanged from the prior month.

• Technical signals are bearish as RSI is at 34, momentum studies  11,14  and 21 DMAs are trending down. 

• Strong  resistance is located at 1.7432(38.2% fib), any close above will push the pair towards 1.7567 (50% fib)

• Immediate support is seen at 1.7269 (23.6% fib) and break below could take the pair towards 1.7238 (Lower BB).

  Recommendation: Good to sell   around 1.7330, with stop loss of 1.7380 and target price of 1.7250