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• EUR/AUD rebounded on Friday as the pair was lifted by stronger-than-expected US jobs report.
• EUR/AUD spiked up to 1.6417 after labor department's report showed Nonfarm Payrolls (NFP) rose by 272,000 jobs in May, against expectations of an increase of 185,000.
• From a technical viewpoint, daily bull candle in place, is a very strong reversal signal ,and spike up as pierced the 5-DMA and 38.2%fib resistance reinforcing bull signals
• Immediate resistance is located at 1.6420 (38.2%fib), any close above will push the pair towards 1.6485(23.6%fib).
• Immediate support is seen at 1.6370 (50%fib) and break below could take the pair towards 1.6315 (61.8%fib).
Recommendation: Good to buy on dips around 1.6400, with stop loss of 1.6250 and target price of 1.6480
