FxWirePro: AUD/USD extends gains for the 4th straight session, close above 200-DMA raises scope for upside resumption
FxWirePro:EUR/AUD bulls lose traction, cannot add to overnight gains
• EUR/AUD initially gained on Thursday but gave up some ground as investors booked profits from recent gains.
•After four-days gain, pair has retreated to 1.5628 EUR/AUD may need a break above 23.6% fib to clear assault on 1.5700.
• Technical signals are bullish as RSI is at 59, daily momentum studies 5, 9 and 10 DMAs are trending up.
• Immediate resistance is located at 1.5641 (Higher BB), any close above will push the pair towards 1.5678 (23.6 % fib).
• Strong support is seen at 1.5597 (38.2%fib ) and break below could take the pair towards 1.5542 (5DMA).
Recommendation: Good to buy around 1.5600, with stop loss of 1.5520 and target price of 1.5680