Daily Pivots: (S1) 1.6007; (P) 1.6046; (R1) 1.6093; More…
Intraday bias in EUR/AUD remains mildly on the upside for retesting 1.6182 high. Firm break there will resume the choppy rise from 1.5250 towards 1.6827 resistance next. On the downside, below 1.6037 minor support will turn intraday bias remains neutral first. Further sustained break of 55 day EMA will argue that choppy corrective rebound from 1.5250 has completed. Deeper fall would be seen to 1.5614 structural support for confirmation.
In the bigger picture, rise from 1.5250 medium term bottom is currently seen as a correction to the down trend from 1.9799 first. Stronger rise would be seen to 38.2% retracement of 1.9799 to 1.5250 at 1.6988 next. We’d tentatively expect strong resistance from there to limit upside, at least on first attempt. Meanwhile, break of 1.5614 support will indicate that the rebound has completed and bring retest of 1.5250 low.
