• EUR/AUD steadied around 1.6800 level on Wednesday as traders positioned ahead of key U.S. inflation on Thursday.
• Investor await U.S. inflation numbers on Thursday for clarity on whether more rate hikes are on the table.
• Pair traded in 1.6833/1.6712 range and was last trading at 1.6804 into the US afternoon.
• Technical signals show the pair could gain more ground in the short-term as RSI is at 60 bullish, daily momentum studies 5, 9 and 11 DMAs are trending up.
• Immediate resistance is located at 1.6833(23.6%fib), any close above will push the pair towards 1.6903(Higher BB).
• Strong support is seen at 1.6748(5DMA) and break below could take the pair towards 1.6671 (38.2%fib )
Recommendation: Good to buy around 1.6780 with stop loss of 1.6630 and target price of 1.6870
