• EUR/AUD rose on Friday after U.S. employment data came in so much stronger than expected.
• Nonfarm payrolls increased by 353,000 jobs last month, the largest gain in a year. The economy added 126,000 more jobs in November and December than previously reported.
• EUR/AUD bulls confidence is running high, a break and close above 1.6600 (23.6%fib) resistance is likely.
• From a technical viewpoint, RSI is strongly bullish at 58, daily momentum studies, 5, 10 and 11 daily MAs are pointing higher.
• Immediate resistance is located at 1.6600(23.6%fib), any close above will push the pair towards 1.6633(Higher BB).
• Immediate support is seen at 1.6489(38.2%fib) and break below could take the pair towards 1.6445 (Feb 1st low ).
Recommendation: Good to buy on dips around 1.6550, with stop loss of 1.6450 and target price of 1.6640
