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FxWirePro:EUR/AUD strongly bearish despite upside attempts
• EUR/AUD erased earlier gains on Tuesday, as worse-than-expected German ZEW survey weighed on euro.
• Technical signals show the pair is set to lose ground in the short-term as RSI is at 44.95 bearish, daily and weekly 5, 10 & 21 MAs heading lower .
• At (GMT 18:29 ),the pair was trading at 1.6151 on Tuesday, not far from the 1 week low of 1.6097 it reached on 14th Feb.
• On the upside, Immediate resistance is located at 1.6185 ( 50 DMA), any close above will push the pair towards 1.6223 ( 10 DMA)
• On the downside, support is seen at 1.6096 (14th Feb low) and break below could take the pair towards 1.6027 (Lower BB).
Recommendation: Good to sell on rally around 1.6250, with stop loss of 1.6320 and target price of 1.6000.