Daily Pivots: (S1) 1.5686; (P) 1.5747; (R1) 1.5793; More….
No change in EUR/AUD’s outlook as consolidation from 1.5886 is in progress. Intraday bias remains neutral at this point. With 1.5651 minor support intact, further rise would be seen. On the upside, break of 1.5888 resistance will extend the rally towards 1.6139/89 resistance zone. However, break of 1.5651 cluster support (38.2% retracement of 1.5271 to 1.5886 at 1.5651) will indicate near term reversal and turn bias back to the downside for 1.5271.
In the bigger picture, current development suggests that fall from 1.6189 is a corrective move and has completed at 1.5271 already. Key support levels of 1.5153 and 38.2% retracement of 1.3624 to 1.6189 at 1.5209 were defended. And medium term rise from 1.3624 (2017 low) is still in progress. Break of 1.6189 will target 1.6587 key resistance (2015 high).
