• EUR/AUD steadied around 1.5500 on Thursday as the pair is supported by hawkish commentary from Federal Reserve Chair Jerome Powell.
• The pair is currently approaching resistance at 38.2 % fib. Break above will push the pair towards further towards 1.5600 level.
• Technical signals are bullish as RSI is at 55, daily momentum studies 5, 9 and 10 DMAs are trending up.
• On the upside, Immediate resistance is located at 1.5534 (38.2 % fib), any close above will push the pair towards 1.5609 (27th Oct high)
• Strong support is seen at 1.5466 (5 DMA ) and break below could take the pair towards 1.5385 (50% fib).
Recommendation: Recommendation: Good to buy on rally around 1.5490 with stop loss of 1.5380 and target price of 1.5600.
