• EUR/AUD rallied on Thursday as euro was boosted after ECB delivered its fourth straight interest rate hike and said it expected to keep raising rates further.
• At GMT 18:08, the pair was trading 1.92% higher at 1.5863, highest level since 16th Feb 2022
• EUR/AUD bulls confidence is running high, a test of 1.5926(23.6% fib) highly seems likely.
• From a technical viewpoint, RSI is strongly bullish at 65, daily momentum studies, 5, 10 and 21 daily MAs all climb.
• Immediate resistance is located at 1.5887(Daily high), any close above will push the pair towards 1.5926(23.6% fib).
• Immediate support is seen at 1.5711 (38.2% fib) and break below could take the pair towards 1.5619 (9DMA).
Recommendation: Good to buy on dips around 1.5840, with stop loss of 1.5760 and target price of 1.5930.
