• EUR/AUD strengthened on Wednesday as euro attracted bids after stronger-than-expected Q3 growth reading for the euro zone.
• Gross domestic product in the 20 countries sharing the euro grew by 0.4% in the third quarter from the previous three months, beating expectations for 0.2%.
• The biggest surprise came from Germany, the bloc's largest economy, which expanded by 0.2% on higher public and private consumption.
• Rally towards is 1.6600 possible if EUR/AUD bulls overcome resistance at 23.6%fib.
• Immediate resistance is located at 1.6547(23.6%fib), any close above will push the pair towards 1.6600(Higher BB).
• Strong support is seen at 1.6465 (5SMA) and break below could take the pair towards 1.6499 (50%fib).
Recommendation: Good to buy around 1.6500 with stop loss of 1.6400 and target price of 1.6600
