• EUR/AUD gained on Monday as risk-on sentiment drove the pair higher.
• A rally towards bigger resistance in the 1.0340/70 zone is possible should EUR/USD bulls overcome resistance.
• Technical signals show the pair could gain more ground in the short-term as RSI is at 72 bullish, daily momentum studies 9, 10 and 11 DMAs are trending up.
• Immediate resistance is located at 1.5650 (38.2%fib), any close above will push the pair towards 1.5736 (23.6%fib).
• Strong support is seen at 1.5582 (5DMA) and break below could take the pair towards 1.5565 (50%fib).
Recommendation: Good to buy on dips around 1.5620, with stop loss of 1.5550 and target price of 1.5720.
