Daily Pivots: (S1) 1.4875; (P) 1.4918; (R1) 1.4989; More…
EUR/AUD’s rise from 1.4421 resumed by breaking 1.4964 and reaches as high as 1.5010 so far. Intraday bias is back on the upside for 1.5073 resistance next. As noted before, correction from 1.5226 should have completed with three waves down to 1.4421 already. Decisive break of 1.5073 will likely resume the rise from 1.3624 and target 61.8% projection of 1.3624 to 1.5226 from 1.4421 at 1.5411 next. Near term outlook will remain bullish as long as 1.4824 support holds, even in case of retreat.
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, another decline will dampen our view and would drag EUR/AUD lower to retest key support zone around 1.3624.
