Daily Pivots: (S1) 1.5975; (P) 1.5995; (R1) 1.6026; More…
EUR/AUD’s strong rebound and break of 1.6035 resistance suggests that pull back from 1.6182 has completed at 1.5898 already, ahead of 55 day EMA (now at 1.5891). Intraday bias is back on the upside for 1.6182 resistance first. Break there will resume the choppy rise from 1.5250 towards 1.6827 resistance next. On the downside, sustained break of 55 day EMA will argue that choppy corrective rebound from 1.5250 has completed. Deeper fall would be seen to 1.5614 structural support for confirmation.
In the bigger picture, rise from 1.5250 medium term bottom is currently seen as a correction to the down trend from 1.9799 first. Stronger rise would be seen to 38.2% retracement of 1.9799 to 1.5250 at 1.6988 next. We’d tentatively expect strong resistance from there to limit upside, at least on first attempt. Meanwhile, break of 1.5614 support will indicate that the rebound has completed and bring retest of 1.5250 low.
