• EUR/AUD steadied around 1.7825 on Monday as investors awaited key Australian inflation CPI data this week.
• The Australian Bureau of Statistics will release its new, comprehensive monthly CPI figures on Wednesday, replacing the previous incomplete dataset.
• The upcoming CPI report is seen as pivotal for the RBA, following indications of a measured approach to rates.
• The RBA’s Assistant Governor noted that although economic growth remains steady, persistent inflation risks make a December rate cut unlikely..
• Immediate resistance is located at 1.7906(Daily high), any close above will push the pair towards 1.7970 (Higher BB).
• Support is seen at 1.7805 (50%fib) and break below could take the pair towards 1.7754 (SMA 20).
Recommendation: Good to buy around 1.7800, with stop loss of 1.7720 and target price of 1.7880
