• EUR/AUD rally extended above 1.5800 on Friday as hawkish shift from the Fed continued to exert upward pressure on the pair.
• At GMT 17:59, the pair was trading 0.44% higher at 1.5826, slightly lower from session high at 1.5847.
• EUR/AUD bulls confidence is running high, a test of the 1.5880 (23.6% fib) cannot be ruled out.
• From a technical viewpoint, RSI is strongly bullish at 62, daily momentum studies, 5, 10 and 21 daily MAs all climb.
• Immediate resistance is located at 1.5850 (Higher BB), any close above will push the pair towards 1.5880 (23.6% fib).
• Immediate support is seen at 1.5803 (38.2% fib) and break below could take the pair towards 1.5758(5 DMA).
Recommendation: Good to buy on dips around 1.5800 with stop loss of 1.5710 and target price of 1.5880.
