• EUR/AUD rally extended towards 1.6400 on Friday as global growth worries, lower commodities prices & record virus cases in Sydney weighed on Australian dollar.
• At GMT 19:17, the pair was trading down 0.36 percent at 1.6384 ,Highest since 4th Dec 2020.
• EUR/AUD bulls confidence is running high, Break of 1.6447 (23.6%fib) resistance cannot be ruled out.
• From a technical viewpoint, RSI is strongly bullish at 75, daily momentum studies, 5, 10 and 21 daily MAs all climb.
• Immediate resistance is located at 1.6447 (23.6%fib), any close above will push the pair towards 1.6515 (24th Aug 2020 High).
• Immediate support is seen at 1.6338 (38.2% fib) and break below could take the pair towards 1.6247 (50%fib).
Recommendation: Good to buy on dips around 1.6385, with stop loss of 1.6300 and target price of 1.6450.
