FxWirePro: GBP/AUD downside pressure builds, key support level in focus 
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FxWirePro: GBP/AUD downside pressure builds, key support level in focus 
• EUR/AUD initially dipped on Friday as bank fears triggered knee-jerk euro selling but broad Australian dollar weakness helped the pair recover some ground.
• Business activity across the euro zone unexpectedly accelerated this month, S&P Global's flash Composite PMI, bounced to a 10-month high of 54.1 in March from February's 52.0.
• The pair hit daily low at 1.6147, but recovered back , it was last down 0.06% at 1.6183
• Technical signals are bullish as RSI is at 67, daily momentum studies 5,9,21 DMA are trending north.
• Immediate resistance is located at 1.7503 (50%fib ), any close above will push the pair towards 1.7574 (21DMA).
• Strong support is seen at 1.6147 (38.2%fib) and break below could take the pair towards 1.76077 (9DMA).
Recommendation: Good to buy around 1.6150 with stop loss of 1.5950 and target price of 1.6250.
