FxWirePro:EUR/AUD encounters imposing resistance, unlikely to clear soon
• EUR/AUD initially gained on Friday but gave up some ground on fears of a widespread recession.
•Data on Friday showed manufacturing production in the euro zone fell for the first time last month since the initial wave of the coronavirus pandemic in 2020
• EUR/AUD bulls have to contend with strong resistance at 1.5399 (38.2% fib). If EUR/NZD longs overcome that level, tests of 1.5450 (Higher BB).
• Technical signals show the pair could gain more ground in the short-term as RSI is at 62 bullish, daily momentum studies 5, 9 DMAs are trending up.
• Immediate resistance is located at 1.5383( 23.6%fib), any close above will push the pair towards 1.5457 (Higher BB).
• Immediate support is seen at 1.5212(5DMA) and break below could take the pair towards 1.5161(38.2%fib).
Recommendation: Good to on dips around 1.5290, with stop loss of 1.5150 and target price of 1.5360
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