Daily Pivots: (S1) 1.5003; (P) 1.5034; (R1) 1.5069; More…
EUR/AUD’s rally continues today and reaches as high as 1.5151 so far. The break of 1.5073 resistance affirmed our bullish view that correction from 1.5226 has completed with three waves down to 1.4421. Intraday bias stays on the upside for retesting 1.5226 first. Break there will resume whole rebound from 1.3624 and target 61.8% projection of 1.3624 to 1.5226 from 1.4421 at 1.5411 next. On the downside, below 1.4998 minor support will turn intraday bias neutral first.
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 extend 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, break of 1.4421 will dampen our view and would drag EUR/AUD lower to retest key support zone around 1.3624.
