• EUR/AUD strengthened on Thursday as surprisingly soft set of Australian jobs numbers added to bearish pressure on Australian dollar.
• Australia’s jobs figures were far weaker than forecast with employment falling 46,300 when a rise of 50,000 was expected, and the jobless rate jumping to 5.2%.
• The pair is currently approaching resistance at 1.5745( 38.2%fib), A clear break above 1.5745 targets eventual test 23.6% fib resistance.
• From a technical viewpoint, RSI is strongly bullish at 53, daily momentum studies, 5, 10 and 11 daily MAs are pointing higher.
• Immediate resistance is located at 1.5745 (38.2%fib), any close above will push the pair towards 1.5841(23.6%fib).
• Immediate support is seen at 1.5671 (50%fib) and break below could take the pair towards 1.5593 (61.8%fib).
Recommendation: Good to buy on dips around 1.5700, with stop loss of 1.5600 and target price of 1.5760.
