• EUR/AUD initial gained on Friday but rally paused as influences from data and diverging expectations for the Fed and ECB kept gains in check.
• EUR/AUD initially spiked up near 1.1750 before pausing, eventually dips towards 1.5989.
• From a technical viewpoint, RSI is bullish at 54, daily momentum studies, 5, 9 and 10 daily MAs are pointing higher.
• Immediate resistance is located at 1.6045 (38.2%fib), any close above will push the pair towards 1.6133 (23.6%fib).
• Immediate support is seen at 1.5964(38.2% fib) and break below could take the pair towards 1.5897(50%fib).
Recommendation: Good to buy on dips around 1.5990, with stop loss of 1.6460 and target price of 1.6050.
