Daily Pivots: (S1) 1.4741; (P) 1.4775; (R1) 1.4836; More…
EUR/AUD rebounds strongly after drawing support from 5 hour 55 EMA. But as it’s staying below 1.4909 temporary top, intraday bias remains neutral first. Overall outlook is unchanged as whole correction from 1.6587 has completed at 1.3624 already after defending 1.3671 key support level. Rise from 1.3624 is expected to continue. Hence, in case of another fall, downside should be contained by 1.4442/4649 support zone to bring rise resumption. Above 1.4909 will extend recent rally 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.
