FxWirePro:EUR/AUD remains weak, eyes 300-DMA support
• EUR/AUD declined on Tuesday as uncertainty about French-German announcement about EU recovery fund weighed on the pair.
• The is pair heading towards the lower bollinger band . Only a break and daily close above 21 DMA at 1.6731 will shift bias to the upside.
• Technical signals show the pair could lose more ground in the short-term as RSI is at 35 bearish, daily momentum studies 9, 10 and 11 DMAs are trending down.
• On the upside, Immediate resistance is located at 1.6633 ( 5 DMA), any close above will push the pair towards 1.6731 (21 DMA)
• On the downside, support is seen at 1.6448 (Lower BB ) and break below could take the pair towards 1.6408 (300 DMA).
Recommendation: Good to sell around 1.6550, with stop loss of 1.7200 and target price of 1.6400.