Daily Pivots: (S1) 1.4688; (P) 1.4760; (R1) 1.4824; More…
EUR/AUD’s consolidation from 1.4909 temporary top is still in progress and intraday bias remains neutral. Deeper retreat cannot be ruled out. But downside should be contained by 1.4442 support and bring another rise. Break of 1.4909 will extend whole rise from 1.3624 to next medium term fibonacci level at 1.5455.
In the bigger picture, price actions from 1.6587 medium term top are viewed as a corrective pattern. Such correction should be completed after defending 1.3671 key support. Rise from 1.3642 is now expected to target 61.8% retracement of 1.6587 to 1.3624 at 1.5455 and above. In any case, outlook will now stay cautiously bullish as long as 1.4309 resistance turned support holds.
