•EUR/AUD declined on Thursday as the prospect of gridlock resulting from the U.S. election weighed on the pair
•Democrat Joe Biden edged closer to victory, but U.S. election descends into litigation.
•At GMT 18:51, the pair was trading down 0.39 percent at 1.6239.
•Technical signals are bearish as RSI is heading down at 40, daily momentum studies 5, 9 and 11 DMAs are trending down.
•On the upside, Immediate resistance is located at 1.6345 ( 38.6% fib), any close above will push the pair towards 1.6387 (5 DMA)
•On the downside, support is seen at 1.6222 ( 23.6% fib) and break below could take the pair towards 1.6166 (Lower BB).
Recommendation: Good to sell on rally around 1.6230, with stop loss of 1.63400 and target price of 1.6150.
