- EUR/AUD has broken strong trendline resistance at 1.4835 on Wednesday's trade.
- Upside has been capped below the 1.50 handle, pair struggling to extend gains above.
- Daily cloud currently spanning 1.4982 to 1.5359 also weighs on the upside.
- Markets now focus on Australia’s very own ‘Super Tuesday’ (May 2nd) when RBA will meet to decide policy.
- Aussie under pressure after dissappointingly weak CPI data in Australia sees a very strong potential for a rate cut in May.
- Technicals on daily charts support upside in the pair, breaks above 1.50 will see upside gain traction.
- On the data front, EZ consumer confidence along with unemployment and inflation data from Germany will be in focus.
Recommendation: Wait for breaks above 1.50 to go long, target: 1.5085/1.510/1.5160
