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FxWirePro: EUR/AUD hits 3-month high, scope for further upside

• EUR/AUD rose on Friday as lower commodity prices weighed on Australian dollar.

• Commodity prices fell sharply, led by European natural gas   as global central bank tightening threatened demand.

• EUR/AUD bulls   confidence is running high, a break and close above 1.5342(23.6%fib) resistance   is likely.

• From a technical viewpoint, RSI  is strongly bullish at 75, daily momentum studies, 5, 10 and 11 daily  MAs are pointing higher.

• Immediate resistance is located at 1.5342(23.6%fib), any close above will push the pair towards 1.5400(Psychological level).

• Immediate support is seen at 1.5244 (38.2%fib) and break below could take the pair towards 1.5167 (50%fib).

Recommendation: Good to buy on dips around 1.5270, with stop loss of 1.5200 and target price of 1.5400.
 

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