• EUR/AUD initial dipped on Wednesday but recovered ground as investors digested minutes from the latest Federal Reserve meeting.
• The minutes of the Sept. 20-21 meeting showed some dovish undertones with some participants noting the importance of calibrating the pace of tightening to mitigate risks to the economy.
• Technical are bullish, daily RSI is negative at 68, daily momentum studies 5,8 and 11 DMAs are trending up.
• Immediate resistance is located at 1.5485 (23.6 % fib), any close above will push the pair towards 1.5546(Higher BB).
• Immediate support is seen at 1.5412(5DMA) and break below could take the pair towards 1.5381(5DMA).
Recommendation: Good to buy around 1.5450, with stop loss of 1.5380 and target price of 1.5550.
