Daily Pivots: (S1) 1.4820; (P) 1.4861; (R1) 1.4920; More…
Intraday bias in EUR/AUD remains on the upside for 1.5073 resistance. As noted before, correction from 1.5226 should have completed with three waves down to 1.4421 already. Break of 1.5073 will likely resume the rise from 1.3624 and target 61.8% projection of 1.3624 to 1.5226 from 1.4421 at 1.5411 next. On the downside, below 1.4830 minor support will turn intraday bias neutral first. But outlook will stay cautiously bullish as long as 1.4777 resistance turned support holds.
In the bigger picture, we’re holding on to the view that corrective decline from 1.6587 medium term has completed at 1.3624. Rise from 1.3624 is expected to resume to retest 1.6587. The corrective structure of the fall from 1.5226 is affirming this view. Above 1.5226 will target a test on 1.6587 key resistance. However, another decline will dampen our view and would drag EUR/AUD lower to retest key support zone around 1.3624.
