FxWirePro: EUR/AUD rebounds, critical resistance lies ahead

• EUR/AUD recovered most of the ground from early fall on Thursday as hawkish Fed benefited bulls.

• The is pair heading towards the 38.2%fib, as near term direction of the pair is likely to be driven by current price action.  

• Pair traded in   1.5690/1.5793  range and was last trading at 1.5758 into the US afternoon. 

• Technical signals are bullish as RSI is at 55, daily momentum studies  5,9 and 10 DMAs are trending up. 

•  Immediate resistance is located at 1.57965 ( 38.2%fib), any close above will push the pair towards 1.5829 (Higher BB).

• Strong  support is seen at 1.5740 (5DMA ) and break below could take the pair towards 1.5725 (50%fib).

Recommendation: Good to buy  around 1.5750, with stop loss of 1.5660 and target price of 1.5820.