Daily Pivots: (S1) 1.5792; (P) 1.5856; (R1) 1.5925; More….
At this point, intraday bias in EUR/AUD remains on the upside. Prior break of 1.5816 resistance confirmed medium term rise resumption. Further rally should be seen to 61.8% projection of 1.5258 to 1.5816 from 1.5626 at 1.5971. Break will target 1.6526. On the downside, below 1.5786 minor support will turn intraday bias neutral. But outlook will remain bullish as long as 1.5626 support holds.
In the bigger picture, medium term rise from 1.3624 is still in progress for 1.6587 key resistance. At this point, we’d be cautious on strong resistance from there to limit upside. But decisive break will confirm resumption of long term rise from 1.1602. On the downside, break of 1.5153 support is needed to indicate completion of the medium term rise. Otherwise, outlook will remain bullish in case of pull back.
