Daily Pivots: (S1) 1.4637; (P) 1.4705; (R1) 1.4801; More…
With 1.4585 minor support intact, intraday bias in EUR/AUD remains on the upside for the moment. Correction from 1.5226 could have completed with three waves down to 1.4421 already. Sustained trading above 55 day EMA (now at 1.4744) will target 1.5073 resistance. Break there will indicate resumption of whole rise from 1.3624. On the downside, below 1.4585 minor support will turn focus back to 1.4421 instead.
In the bigger picture, we’re holding on to the view that corrective decline from 1.6587 medium term has completed at 1.3624. Rise from 1.3624 is expected to resume to retest 1.6587. The corrective structure of the fall from 1.5226 is affirming this view. Above 1.5226 will target a test on 1.6587 key resistance. However, further downside acceleration will dampen our view and would drag EUR/AUD lower to retest key support zone around 1.3624.
