Daily Pivots: (S1) 1.4214; (P) 1.4256; (R1) 1.4328; More…
Intraday bias in EUR/AUD remains on the upside for 1.4309 resistance. Current development affirmed the case of trend reversal after defending 1.3671 key support. Break of 1.4309 will target 1.4721 key resistance and firm break there will confirm our bullish view. On the downside, below 1.4183 minor support will turn bias neutral first. But we’ll stay bullish as long as 1.3980 support holds.
In the bigger picture, price actions from 1.6587 medium term top are viewed as a corrective pattern. Such correction could be completed after testing 1.3671 key support. Break of 1.4721 cluster resistance (38.2% retracement of 1.6587 to 1.3624 at 1.4756) should confirm this case and target 61.8% retracement at 1.5455 and above. Overall, we’d expect the up trend from 1.1602 to resume later. However, sustained break of 1.3671 will invalidate our bullish view and would turn extend the fall from 1.6587 towards 1.1602 long term bottom.
