•EUR/AUD gained on Monday as investors focused on monetary policy tightening.
•EUR/AUD bulls confidence is running high, a test of the 1.5883 (23.6%fib) highly seem s likely.
• From a technical viewpoint, RSI is strongly bullish at 56, daily momentum studies, 5, 10 and 11 daily MAs are pointing higher.
• Immediate resistance is located at 1.5855 (Higher BB), any close above will push the pair towards 1.5883 (23.6%fib).
• Immediate support is seen at 1.5788 (38.2% fib) and break below could take the pair towards 1.5765 (5DMA).
Recommendation: Good to buy on dips around 1.5800, with stop loss of 1.5700 and target price of 1.5900.
