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FxWirePro: EUR/AUD rebounds, critical resistance lies ahead

• EUR/AUD initially dipped on Wednesday but reversed course ahead of ECB meeting.

• ECB meeting risk  prompted short covering on possible hawkish rhetoric,EUR/AUD turns positive on the session, nears 38.2%fib resistance.

• EUR/AUD bulls confidence is running high, a test of the 38.2%fib cannot be ruled out.

• From a technical viewpoint, RSI  is turning up, daily momentum studies, 5, 10 and 11 daily  MAs are pointing higher.

• Immediate resistance is located at 1.4715(38.2%fib), any close above will push the pair towards 1.4796 (30DMA).

• Immediate support is seen at 1.4472 (23.6%fib) and break below could take the pair towards 1.4362 (Lower BB).

Recommendation: Good to buy on dips around 1.4600, with stop loss of 1.4500 and target price of 1.4710.
 

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