• EUR/AUD after initially gaining on Thursday the pair retreated in the wake of U.S. inflation data.
• In an up-and-down session, the pair hit low at 1.5513 in early US trading after hitting daily high at 1.5638 .
• Technical signals show the pair could gain more ground in the short-term as RSI is at 70 bullish, daily momentum studies 5, 9 and 11 DMAs are trending up.
• Immediate resistance is located at 1.5544 (Oct 12th high), any close above will push the pair towards 1.5632 (23.6%fib).
• Strong support is seen at 1.5471 (5DMA) and break below could take the pair towards 1.5410(38.2%fib).
Recommendation: Good to buy around 1.5500 with stop loss of 1.5400 and target price of 1.5600
