• EUR/AUD declined on Wednesday as risk sentiment soured as April US ADP and Q1 GDP reports fueled global growth concerns.
• In the first quarter of 2025, the U.S. economy contracted by 0.3%, marking its first decline in three years. This downturn was primarily driven by a surge in imports as companies accelerated purchases ahead of the Trump administration's implementation of new tariffs on most goods.
• U.S. private-sector employment increased by just 62,000 jobs, marking the slowest monthly gain since July 2024 and significantly underperforming economists' expectations of around 115,000 to 130,000 new jobs.
• Following the data, the EUR/AUD dipped to trade 0.02% lower at 1.7695, lowest since 25th April.
• Immediate resistance is located at 1.7883(Daily high), any close above will push the pair towards 1.8000(Psychological level).
• Immediate support is seen at 1.7642(50%fib) and break below could take the pair towards 1.7554(Lower BB).
Recommendation: Good to buy around 1.7670, with stop loss of 1.7600, and target price of 1.7800
