Daily Pivots: (S1) 1.6138; (P) 1.6165; (R1) 1.6210; More…
EUR/AUD’s rally accelerates to as high as 1.6254 so far today. The strong break of 1.6182 resistance confirms resumption of the choppy rise from 1.5250. Intraday bias stays on the upside for 1.6827 resistance next. On the downside, below 1.6150 minor support will turn intraday bias neutral and bring retreat first. but outlook will stay bullish as long as 1.5898 support holds, in case of retreat.
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 1.5898 support will indicate that the rebound has completed and bring retest of 1.5250 low.
