• EUR/AUD rose higher on Wednesday as markets raised their bets on a 75 basis-point rate hike from the ECB when it meets on Thursday.
• The ECB on Thursday is expected to deliver a second big rate hike to tame record-high inflation.
• EUR/AUD bulls confidence is running high, a rise towards 1.4900level is likely.
• From a technical viewpoint, RSI is strongly bullish at 56, daily momentum studies, 5, 10 and 21 daily MAs all climb.
• Immediate resistance is located at 1.4795 (38.2%fib), any close above will push the pair towards 1.4829 (23.6% fib).
• Immediate support is seen at 1.4712 (50% fib) and break below could take the pair towards 1.4692 (5DMA).
Recommendation: Good to buy on dips around 1.4780, with stop loss of 1.4680 and target price of 1.4900.
