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FxWirePro :EUR/AUD extends gains, faces 23.6% fib resistance

• EUR/AUD  strengthened on Wednesday as investors digested the hike by Federal Reserve and the accompanying statement.

• U.S. Federal Reserve delivered a widely expected 25 basis point policy hike, while hinting that it was on the verge of pausing future hikes.

• EUR/AUD  is now on course to register   close above the 1.6246 (23.6% fib), break above will  likely see a much bigger rise.

• Technical signals show the pair could lose more ground in the short-term as RSI is at 60 bullish, daily momentum studies 5, 10 and 21 DMAs are trending  up. 

• Immediate resistance is located at 1.6246 (23.6% fib),any close above will push the pair towards 1.6270(23.6 % fib ).

• Immediate support is seen at 1.6105(38.2% fib) and break below could take the pair towards 1.6029 (5DMA ).

Recommendation: Good to buy 1.6200, with stop loss of 1.6100and target price of 1.6300

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