Daily Pivots: (S1) 1.4891; (P) 1.4966; (R1) 1.5039; More…
Intraday bias in EUR/AUD is back on the upside with break of 1.4965 minor resistance. Pull back from 1.5277 could have completed at 1.4759 already. Further rally would be seen back to retest this resistance. On the downside, through, break of 1.4759 will resume the fall from 1.5277 instead.
In the bigger picture, as long as 1.5354 support turned resistance holds, larger down trend from 1.9799 (2020 high) is still expected to continue. On resumption, next target is 61.8% projection of 1.9799 to 1.5250 from 1.6434 at 1.3623, which is close to 1.3624 long term support (2017 low). However, firm break of 1.5354 will indicate medium term bottoming and bring stronger rally back to 1.6434 key resistance.
