• EUR/AUD after initially gaining on Monday the pair gave up some ground in holiday thinned trade.
• EUR/AUD remains well 5DMA,Daily close above 23.6%fib resistence increase the scope for much bigger gains towards 1.6500 level.
• Technical signals show the pair could gain more ground in the short-term as RSI is at 64 bullish, daily momentum studies 5, 9 and 11 DMAs are trending up.
• Immediate resistance is located at 1.6388 (Daily high), any close above will push the pair towards 1.6428 (23.6%fib ).
• Strong support is seen at 1.6314(5DMA) and break below could take the pair towards 1.6233 (38.2%fib )
Recommendation: Good to buy around 1.6330 with stop loss of 1.6210 and target price of 1.6390
