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FxWirePro:EUR/AUD buoyancy keeps consolidation intact, set for further gains

• EUR/AUD strengthened on Thursday as investors awaited the European Central Bank's(ECB) minutes for its September policy meeting on Thursday.

• Two influential policymakers said on Wednesday that  ECB has made significant progress in getting inflation back down to target, but new shocks could still require the bank to continue a now-paused tightening cycle .

• A rally towards is  1.6700  possible if  EUR/AUD bulls overcome resistance at 1.6608.

• From a technical viewpoint, the moving averages are pointing upwards, while the RSI  is   bullish at 51.

• Immediate resistance is located at 1.6608(38.2%fib), any close above will push the pair towards 1.6641( Oct 3rd high).

• Strong support is seen at 1.6541 (5DMA) and break below could take the pair towards 1.6527(50%fib).

Recommendation: Good to  buy around 1.6530, with stop loss of 1.6450 and target price of 1.6630.
 

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