Daily Pivots: (S1) 1.5681; (P) 1.5799; (R1) 1.6020; More…
Further rise is mildly in favor in EUR/AUD as long as 1.5743 support holds. Fall from 1.6434 might have completed at 1.5354 already. Rebound from there would target 161.8% projection of 1.5354 to 1.5743 from 1.5446 at 1.6075 next. On the downside, break of 1.5743 resistance turned support will mix up the near term outlook and turn intraday bias neutral first.
In the bigger picture, the strong rebound from 1.5354 invalidates the case of imminent downside breakout, and turn medium term outlook neutral again. Such rise is seen as the third leg of the corrective pattern from 1.5250. Further rally could be seen through 1.6434 resistance. On the downside, however, break of 1.5446 support will turn focus back to 1.5250 low.
