• EUR/AUD initially declined but rebounded on Wednesday as Powell comments trigger market reversal.
• U.S. Federal Reserve delivered a three-quarters of a percentage point interest rate hike and Fed Chairman Jerome Powell said it was too soon to speculate over a pause in rate hikes.
• Technical signals are bullish as RSI is trending up at 56, daily momentum studies 5, 9 and 11 DMAs are trending north.
• Immediate resistance is located at 1.5504 (21DMA), any close above will push the pair towards 1.5622(23.6% fib).
• Immediate support is seen at 1.5426 (38.2% fib) and break below could take the pair towards 1.5332 (Lower BB).
Recommendation: Good to buy round 1.5470, with stop loss of 1.5270 and target price of 1.5580
