Daily Pivots: (S1) 1.5530; (P) 1.5591; (R1) 1.5643; More…
EUR/AUD retreated deeply after hitting 1.5650 and intraday bias is turned neutral again. Another rise is mildly in favor. Above 1.5650 will target 1.5749 resistance. Decisive break there will confirm that correction from 1.5976 has completed with three waves down, after drawing support from 1.5271. Further rally would be seen back to retest 1.5976 high. On the downside, break of 4 hour 55 EMA (now 1.5441) will turn bias back to the downside for retesting 1.5254 instead.
In the bigger picture, it’s still early to confirm if rise from 1.4281 represents bullish trend reversal. But as long as 1.5271 support holds, such rally is in favor to continue. Break of 1.5976 will target 1.6434 key resistance next. On the other hand, firm break of 1.5271 will retain medium term bearishness instead.
