FxWirePro: EUR/AUD gains some upside momentum but still bearish
• EUR/AUD recovered some ground on Thursday as the pair was aided by profit-taking on shorts after (23.6% fib) support holds.
• The pair is currently approaching resistance at 1.5597 (38.2% fib). Resistance at 1.5597is likely to cap further upside in the pair.
• Technical signals are bearish as RSI is at 32, daily momentum studies 9, 11 and 14 DMAs are trending down.
• Immediate resistance is located at 1.5591 ( 38.2%fib), any close above will push the pair towards 1.5624 (9DMA).
• Support is seen at 1.5461 (23.6%fib ) and break below could take the pair towards 1.5419 (Lower BB).
Recommendation: Good to sell on rally around 1.5570, with stop loss of 1.5680 and target price of 1.5500.