• EUR/AUD rose on Thursday as the pair clung on to gains as focus was squarely on data and central bank speakers in the United States.
• EUR/AUD has seen a more impulsive move higher, breaking above 1.5811 (38.2%fib) to face next hurdle at 1.5851.
• Any downside correction is likely to be temporary as barrier at 1.5784 (5DMA)is set to restricting lower move.
• Technical signals show the pair could gain more ground as RSI is at 65 bullish, and 5, 9,11 DMA’s are trending north.
• Immediate resistance is located at 1.5851 (Daily high), any close above will push the pair towards 1.5890 (Higher BB).
• Immediate support is seen at 1.5811 (38.2%fib) and break below could take the pair towards 1.5784 (5DMA).
Recommendation: Good to buy around 1.5820, with stop loss of 1.5720 and target price of 1.5880
