• EUR/AUD rally extended above 1.5600 on Thursday as Australian dollar was undermined by a slide in oil and other commodity prices.
• Commodity-linked Australian dollar was hurt by fall in copper, crude, and dalian iron ore prices.
• EUR/AUD bulls confidence is running high, a test of the 50%fib highly seem s likely.
• From a technical viewpoint, RSI is strongly bullish at 51, daily momentum studies, 5, 10 and 11 daily MAs all climb.
• Immediate resistance is located at 1.5733 (50%fib), any close above will push the pair towards 1.5779 (Higher BB).
• Immediate support is seen at 1.5550 (38.2% fib) and break below could take the pair towards 1.5450 (23.6%fib).
Recommendation: Good to buy on dips around 1.5600, with stop loss of 1.5500 and target price of 1.5700
