Daily Pivots: (S1) 1.5060; (P) 1.5098; (R1) 1.5161; More….
The strong rally in EUR/AUD and breach of 1.5241 resistance indicates that medium term rise from 1.3624 is resuming. Intraday bias is now on the upside for 61.8% projection of 1.3624 to 1.5226 from 1.4949 at 1.5939 first. On the downside, below 1.5137 minor support will turn intraday bias neutral for consolidations. But outlook will remain cautiously bullish as long as 1.4949 support holds.
In the bigger picture, we’re holding on to the view that corrective decline from 1.6587 medium term top has completed at 1.3624. Rise from 1.3624 is expected to extend to retest 1.6587. The corrective structure of the price actions from 1.5226 is affirming this view. Sustained trading above 1.5226 will target a test on 1.6587 key resistance. However, break of 1.4421 support will dampen our view and would drag EUR/AUD lower to retest key support zone around 1.3624.
