• EUR/AUD initially gained on Monday but gave up most of the ground as a dearth of economic data and a holiday in parts of Europe kept investors cautious.
• At GMT 18:48, the pair was trading up 0.04 percent at 1.5746.
• Technical signals are bullish as RSI is heading down at 64, daily momentum studies 5, 9 and 11 DMAs are trending up.
• Immediate resistance is located at 1.5818 ( Higher BB), any close above will push the pair towards 1.5841 (23.6%fib)
• Strong support is seen at 1.5724 (38.2 %fib ) and break below could take the pair towards 1.5676 (9DMA).
Recommendation: Good to buy around 1.5730, with stop loss of 1.5670 and target price of 1.5820.
