• EUR/AUD advanced above 1.6500 level on Monday after data showed HCOB's final euro zone manufacturing PMI index rose in October.
• Eurozone manufacturing displayed signs of stabilization in October, as activity contracted for the 28th consecutive month but at a slower pace.
• HCOB's final euro zone manufacturing Purchasing Managers' Index (PMI), compiled by S&P Global, rose to 46.0 in October.
• Technical signals are bullish as RSI is at 63, daily momentum studies 5, 9 and 1 DMAs are trending up
• Immediate resistance is located at 1.6571 (23.6%fib), any close above will push the pair towards 1.6600(Psychological level)
• Support is seen at 1.6460(38.2 %fib ) and break below could take the pair towards 1.6433(SMA).
Recommendation: Good to buy around 1.6490 , with stop loss of 1.6400 and target price of 1.6560.
