Daily Pivots: (S1) 1.5600; (P) 1.5665; (R1) 1.5778; More….
Intraday bias in EUR/AUD remains on the upside for 1.5770 resistance. Based on current strong upside momentum, the cross might be resuming medium term rise from 1.3264. Decisive break there will confirm this bullish case and target 1.6587 key long term resistance. On the downside, below 1.5622 minor support will dampen this bullish case and turn intraday bias neutral first.
In the bigger picture, medium term rise from 1.3624 is not completed yet. Break of 1.5770 will extend the rise to retest 1.6587 (2015 high). However, considering bearish divergence condition in daily MACD, sustained break of 1.4949 cluster support (38.2% retracement of 1.3624 to 1.5770 at 1.4950) will indicate medium term reversal. And there is prospect of retesting 1.3624 low in that bearish case.
