• EUR/AUD rose on Friday after U.S. employment and ISM services came in so much stronger than expected.
• Nonfarm payrolls surge by 517k was more than double the 185k estimate of analyst expectations.
• EUR/AUD bulls confidence is running high, a break and close above 1.5598(38.2%fib) resistance is likely.
• From a technical viewpoint, RSI is strongly bullish at 55, daily momentum studies, 5, 10 and 11 daily MAs are pointing higher.
• Immediate resistance is located at 1.5598(38.2%fib), any close above will push the pair towards 1.5676(23.6%fib).
• Immediate support is seen at 1.5532 (50%fib) and break below could take the pair towards 1.5466 (50%fib).
Recommendation: Good to buy on dips around 1.5570, with stop loss of 1.5480 and target price of 1.5630.
