Daily Pivots: (S1) 1.5298; (P) 1.5371; (R1) 1.5481; More…
EUR/AUD’s rally resumed and break of 1.5396 resistance carries some larger bullish implication. Intraday bias is back on the upside for 161.8% projection of 1.4281 to 1.4965 from 1.4716 at 1.5823. For now, outlook will remain bullish as long as 1.5165 support holds, in case of retreat.
In the bigger picture, a medium term bottom should be in place at 1.4281, on bullish convergence condition in daily MACD. Further rise would be seen back to 1.6434 key resistance next. Break of 1.4965 resistance turned support is needed to indicate reversal. Otherwise, further rally will remain in favor.
