Daily Pivots: (S1) 1.6075; (P) 1.6123; (R1) 1.6183; More…
As long as 1.5991 minor support holds, further rise is still mildly in favor in EUR/AUD, for retesting 1.6434 high. Break there will resume larger rise from 1.5250. However, on the downside, below 1.5991 minor support will turn bias back to 1.5898 key structural support instead.
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 could 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 1.5898 support will indicate that the rebound has completed. Larger down trend from 1.9799 might be ready to resume through 1.5250 low.
