• EUR/AUD strengthened on Wednesday as investors felt more comfortable with risk a day after Powell’s remarks eased their worries about future rate hikes
• EUR/AUD bulls confidence is running high, a break and close above 1.5522(38.2%fib) resistance will increase further bullish strength in the pair.
• From a technical viewpoint, RSI is strongly bullish at 51, daily momentum studies, 5, 10 and 11 daily MAs are pointing higher.
• Immediate resistance is located at 1.5522(38.2%fib), any close above will push the pair towards 1.5582(50DMA).
• Immediate support is seen at 1.5562 (50%fib) and break below could take the pair towards 1.5335 (Feb 2nd low).
Recommendation: Good to buy on dips around 1.5460, with stop loss of 1.5370 and target price of 1.5540
