Daily Pivots: (S1) 1.5456; (P) 1.5530; (R1) 1.5611; More….
A temporary top is in place at 1.5605 and intraday bias in EUR/AUD is turned neutral first. Downside of retreat should be contained above 1.5226 resistance turned support to bring another rise. Medium term rally from 1.3624 is in progress. Above 1.5605 will target 61.8% projection of 1.3624 to 1.5226 from 1.4949 at 1.5939 first. Break will target 100% projection at 1.6551, which is close to 1.6587 key resistance.
In the bigger picture, we’re holding on to the view that corrective decline from 1.6587 medium term top (2015 high) has completed at 1.3624. Rise from 1.3624 is expected to extend to retest 1.6587. We’ll hold on to this bullish view as long as 1.5226 resistance turned support holds. Firm break of 1.6587 will resume long term rise from 1.1602 (2012 low).
