• EUR/AUD rose higher on Wednesday as investors hunted for bargains ahead of a Federal Reserve interest rate decision.
•The Fed is due to announce its rate decision at 1900 GMT,European Central Bank and Bank of England, each of which is expected to raise interest rates by 50 bps on Thursday.
•The pair is currently approaching resistance at 38.2%fib. Break above is likely push the pair towards 1.5550 level.
• Technical signals are turning bullish as RSI is turning up, daily momentum studies 5, 9 and 10 DMAs are trending up.
• Immediate resistance is located at 1.5460( 38.2%fib), any close above will push the pair towards 1.5568 ( 30DMA).
• Strong support is seen at 1.5357(Daily low ) and break below could take the pair towards 1.5310 (50% fib).
Recommendation: Good to buy around 1.5450, with stop loss of 1.5400 and target price of 1.5530.
