Daily Pivots: (S1) 1.6034; (P) 1.6115; (R1) 1.6170; More…
No change in EUR/AUD’s outlook as another rise is still in favor with 1.6059 minor support intact. Above 1.6232 will target a test on 1.6434 high first. However, firm break of 1.6059 will bring retest of 1.5898 key support level. Overall, with 1.5898 support intact, larger rise from 1.5250 is still in progress. Break of 1.6434 will confirm resumption, for 1.6988 fibonacci level.
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 could 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. Larger down trend from 1.9799 might be ready to resume through 1.5250 low.
