FxWirePro: Copper resumes rally, set to retest yearly highs at 4.364 as record Chinese imports in March fuel gains
FxWirePro:EUR/AUD set for increasing upside potential,good to buy on dips
• EUR/AUD rally extended above 1.5700 on Tuesday as US fiscal stimulus optimism ahead of Yellen testimony supported euro.
• Janet Yellen's confirmation hearing for U.S. Treasury Secretary might give the opportunity to comment on future policy.
• EUR/AUD bulls confidence is running high, a test of the 1.5825 (50% fibo) highly seems likely.
• Immediate resistance is located at 1.5775 (38.2%fib), any close above will push the pair towards 1.5780 (14 DMA).
• Immediate support is seen at 1.5669 (23.6% fib) and break below could take the pair towards 1.5532 (Jan 15th low).
Recommendation: Good to buy on dips around 1.5700, with stop loss of 1.5600 and target price of 1.5825.