• EUR/AUD rose on Wednesday as Australian dollar weighed down by lower commodity prices.
• Oil, copper, iron-ore fell on Wednesday on worries that global growth is slowing
• The pair currently is approaching resistance at 38.2%fib. A break above would unmask 1.5400 level in the short term.
• Technical signals are bearish as RSI is at 63, daily momentum studies 5, 9 and 10 DMAs are trending up.
• Immediate resistance is located at 1.5266 ( 38.2%fib), any close above will push the pair towards 1.5335 (15th March)
• Support is seen at 1.5188(15th March low ) and break below could take the pair towards 1.5090(50%fib).
Recommendation: Good to buy around 1.5250, with stop loss of 1.5100 and target price of 1.5350.
