Daily Pivots: (S1) 1.5775; (P) 1.5832; (R1) 1.5862; More…
Intraday bias in EUR/AUD remains neutral with focus on 1.5776 support. Firm break there will suggest that rise from 1.5559 has completed. Deeper fall would be seen back to this support first. On the upside, above 1.6002 will bring retest of 1.6223 resistance.
In the bigger picture, rise from 1.5354 is seen as the third leg of the corrective pattern from 1.5250 low. Further rise cannot be ruled out, but even in that case, strong resistance should be seen at 38.2% retracement of 1.9799 to 1.5250 at 1.6988. Larger down trend from 1.9799 is in favor to extend through 1.5250 at a later stage.
