• EUR/AUD initially dipped on Thursday but recovered some ground as European Central Bank (ECB) raised interest as widely expected.
• The ECB raised interest rates by 50 basis points on Thursday and explicitly signalled at least one more hike of the same magnitude next month
• In an up-and-down session, the pair hit low at 1.5336 in early trading then gained towards 1.5413.
• Technical lean bearish, RSI is trending lower at 45, momentum studies, 9, 11 DMAs falling southwards.
• Immediate resistance is located at 1.5436 ( Daily high), any close above will push the pair towards 1.5496 (50% fib)
• Support is seen at 1.5384 (5DMA) and break below could take the pair towards 1.5336 (38.2% fib).
Recommendation: Good to sell on rally around 1.5430, with stop loss of 1.5530and target price of 1.5350.
