Daily Pivots: (S1) 1.5368; (P) 1.5410; (R1) 1.5440; More…
EUR/AUD rises notably today but stays below 1.5551 resistance, intraday bias remains neutral first. On the upside firm break of 1.5551 will argue that larger up trend is ready to resume. Intraday bias will be back on the upside for 1.5740 resistance and above. In case of another fall, downside should be contained by 55 day EMA (now at 1.5298) to bring rebound.
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.
