• EUR/AUD after initially gaining on Thursday the pair gave up some ground as investors awaited euro zone GDP data on Friday.
•Ahead of ECB’s May 4 policy meeting, a slew of economic data, including first-quarter euro zone GDP growth due on Friday .
• EUR/AUD remains well 5DMA,Daily close above 1.6786 resistence increase the scope for much bigger gains towards 1.6800 level.
• 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 1.6786 (Daily high), any close above will push the pair towards 1.6886(23.6%fib ).
• Strong support is seen at 1.6612(38.2%fib) and break below could take the pair towards 1.6564 (5DMA ).
Recommendation: Good to buy around 1.6620 with stop loss of 1.6510 and target price of 1.6710
