• EUR/AUD strengthened on Wednesday but gains were limed as bulls backed away from as focus shifts to US CPI.
• The U.S. consumer price index (CPI) report for October will provide the latest read on inflation in the United States in the wake of the Federal Reserve’s aggressive interest rate hikes.
• Technical signals signals are bullish as RSI is at 59 bullish, daily momentum studies 9, 10 and 11 DMAs are trending up.
• Immediate resistance is located at 1.5590 ( Daily high), any close above will push the pair towards 1.5705 (23.6%fib).
• Immediate support is seen at 1.5506 (38.2%fib) and break below could take the pair towards 1.5458 (30DMA).
Recommendation: Good to buy around 1.5560, with stop loss of 1.5450 and target price of 1.5700.
