• EUR/AUD strengthened on Thursday as investors awaited the European Central Bank's(ECB) minutes for its September policy meeting on Thursday.
• Two influential policymakers said on Wednesday that ECB has made significant progress in getting inflation back down to target, but new shocks could still require the bank to continue a now-paused tightening cycle .
• A rally towards is 1.6700 possible if EUR/AUD bulls overcome resistance at 1.6608.
• From a technical viewpoint, the moving averages are pointing upwards, while the RSI is bullish at 51.
• Immediate resistance is located at 1.6608(38.2%fib), any close above will push the pair towards 1.6641( Oct 3rd high).
• Strong support is seen at 1.6541 (5DMA) and break below could take the pair towards 1.6527(50%fib).
Recommendation: Good to buy around 1.6530, with stop loss of 1.6450 and target price of 1.6630.
