Daily Pivots: (S1) 1.5435; (P) 1.5533; (R1) 1.5617; More…
EUR/AUD is staying in consolidation from 1.5704 and intraday bias remains neutral. On the upside, break of 1.5704 will resume the rally from 1.4281 to 161.8% projection of 1.4281 to 1.4965 from 1.4716 at 1.5823. However, on the downside, break of 1.5412 minor support will turn bias to the downside for deeper pull back.
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.
