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FxWirePro:EUR/AUD consolidates above 1.5800, maintains bullish bias

• EUR/AUD rally extended above 1.5800 on Friday as hawkish shift from the Fed continued to exert upward pressure on the pair.

• At GMT 17:59, the pair was trading 0.44% higher at 1.5826, slightly lower from session high at 1.5847.

• EUR/AUD bulls   confidence is running high, a test of the  1.5880 (23.6% fib) cannot be ruled out.

• From a technical viewpoint, RSI  is strongly bullish at 62, daily momentum studies, 5, 10 and 21 daily  MAs all climb.

• Immediate resistance is located at 1.5850 (Higher BB), any close above will push the pair towards 1.5880 (23.6% fib).

• Immediate support is seen at 1.5803 (38.2% fib) and break below could take the pair towards 1.5758(5 DMA).

Recommendation: Good to buy on dips around 1.5800 with stop loss of 1.5710 and target price of 1.5880.
 

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