• EUR/AUD initially gained on Wednesday but pulled back some gains as worries about rising inflation and the Delta variant of the novel coronavirus capped gains.
•EUR/AUD nears 38.2%fib before pulling back near 1.5800 in US session.
• The pair has traded a 73 pip range thus far Wednesday, momentum remains positive .
•Technical signals are bullish as RSI is 57, daily momentum studies 9, 11 and 21 DMAs are trending up.
• Immediate resistance is located at 1.5845 ( Higher BB), any close above will push the pair towards 1.5874 (23.6% fib)
•Strong support is seen at 1.5779 (38.2%fib ) and break below could take the pair towards 1.5784 (23.6%fib).
Recommendation: Good to buy around 1.5800, with stop loss of 1.5700 and target price of 1.5900.
