Daily Pivots: (S1) 1.5543; (P) 1.5616; (R1) 1.5663; More….
Near term outlook in EUR/AUD will remain bullish as long as 1.5458 support holds. Medium term rise from 1.3624 should 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. However, firm break of 1.5458 will now indicate near term topping and should bring pull back towards 55 day EMA (now at 1.5232).
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).
