Daily Pivots: (S1) 1.6301; (P) 1.6333; (R1) 1.6369; More…
EUR/AUD’s rise resumed after brief retreat and intraday bias is back on the upside. Outlook is unchanged that corrective fall from 1.6785 should have completed with three waves down to 1.5846. Further rise should be seen to 1.6513 resistance first. Firm break there will confirm this case and target 1.6785 high next. On the downside, below 1.6255 minor support will turn intraday bias neutral.
In the bigger picture, with 38.2% retracement of 1.4281 to 1.6785 at 1.5828 intact, rally from 1.4281 is still in progress. Firm break of 1.6785 will confirm rally resumption. Rejection by 1.6785 will extend the corrective pattern with another fall leg. But outlook will stay bullish as long as 1.5828 holds.
