Daily Pivots: (S1) 1.5695; (P) 1.5764; (R1) 1.5802; More….
EUR/AUD’s break of 1.5696 minor support indicate short term topping at 1.5886, on bearish divergence condition in 4 hour MACD. Intraday bias is now on the downside. Break of 38.2% retracement of 1.5271 to 1.5886 at 1.5651 will pave the way to 61.8% retracement at 1.5506 and below. Nonetheless, on the upside, break of 1.5886 will resume the rise from 1.5271 for 1.6189 high.
In the bigger picture, current development suggests that fall from 1.6189 is a corrective move and has completed at 1.5217 already. Key support levels of 1.5153 and 38.2% retracement of 1.3624 to 1.6189 at 1.5209 were defended. And medium term rise from 1.3624 (2017 low) is still in progress. Break of 1.6189 will target 1.6587 key resistance (2015 high).
