• EUR/AUD dipped on Friday as upbeat Australian PMI data and recovery in global equities helped lift the Australian dollar.
•Australia’s economic momentum remains positive, with the preliminary S&P Global Manufacturing PMI climbing to 51.6 in November from 49.7 in October, returning to expansion territory.
• The data underscores the Reserve Bank of Australia’s (RBA) cautious yet steady approach to monetary policy.
•Minutes from the November meeting indicated that policymakers could hold interest rates steady for an extended period if economic data continues to perform strongly.
• Looking Ahead, Australia’s October CPI is scheduled for November 26, followed by Q3 Capital Expenditure data on November 27.
• Immediate resistance is located at 1.7949(Higher BB), any close above will push the pair towards 1.7984 (38.2%fib).
• Support is seen at 1.7824(50%fib) and break below could take the pair towards 1.7741 (61.8%fib).
Recommendation: Good to buy around 1.7800, with stop loss of 1.7720 and target price of 1.7860
