• EUR/AUD initially gained on Wednesday but gave up some ground ahead of Fed event risk.
• Pair traded in a quiet 1.6490/1.6591 range and was last trading at 1.6533 into the US afternoon.
• Technical signals are bullish as RSI is at 59, daily momentum studies 10,11 and 14 DMAs are trending up.
• Immediate resistance is located at 1.6568 ( 5DMA), any close above will push the pair towards 1.6679 (23.6% fib)
• Immediate support is seen at 1.6469(38.2% fib ) and break below could take the pair towards 1.6361 (April 2nd low).
Recommendation: Be on sidelines.
