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FxWirePro: EUR/AUD set for increasing upside potential, 1.6925 a key barrier
• EUR/AUD rally extended towards 1.6700 on Friday as euro continued to enjoy a boost from the European Union’s recovery fund proposal.
• Any downside correction is likely to be temporary as barrier at 1.6501 (Lower BB) is likely to restrict lower move.
• Technical signals highlight upside bullish trend as daily RSI rising, a monthly bull hammer is forming for May and EUR/AUD is trading above the 5-DMA.
• Immediate resistance is located at 1.6789 (30 DMA), any close above will push the pair towards 1.6925 (23.6 % fib).
• Immediate support is seen at 1.6635 (5 DMA) and break below could take the pair towards 1.6501 (Lower BB).
Recommendation: Good to buy on dips around 1.6700, with stop loss of 1.6500 and target price of 1.6850.