FxWirePro:EUR/AUD hits 1-week low , scope for further downside
• EUR/AUD declined on Thursday as strong Australian jobs data and higher oil prices supported commodity linked Australian dollar.
• The cross pair hit daily low at 1.5426, it was last down 0.29% at GMT 16:01.
• Selling pressure will remain in the short-term, only a move above 1.5507 ( 61.8 % fib) strong resistance will undermine downside.
• Daily RSI , although being oversold, imply bearish momentum is intact. The MACD is also moving with a stronger negative momentum.
• Immediate resistance is located at 1.5456( 50% fib), any close above will push the pair towards 1.5483 (21DMA)
• Support is seen at 1.5426 (Daily low) and break below could take the pair towards 1.5401(38.2%fib).
Recommendation: Good to sell around 1.5480, with stop loss of 1.5500 and target price of 1.5410.