• EUR/AUD rally extended towards 1.5230 on Monday as market unwound EUR shorts against the AUD on Ukraine peace hopes.
• Investors remained cautious on the Ukraine conflict, with the market focus on this week's Federal Reserve meeting.
• EUR/AUD bulls confidence is running high, a test of the 1.5492(23.6% fibo) highly seems likely.
• From a technical viewpoint, RSI is strongly bullish at 54, daily momentum studies, 5, 10 and 21 daily MAs all climb.
• Immediate resistance is located at 1.5281 (38.2%fib), any close above will push the pair towards 1.5372 (21DMA).
• Immediate support is seen at 1.5139 (50% fib) and break below could take the pair towards 1.5082 (5DMA).
Recommendation: Good to buy on dips around 1.5210, with stop loss of 1.5140 and target price of 1.5380.
