Daily Pivots: (S1) 1.4940; (P) 1.4997; (R1) 1.5087; More…
Intraday bias in EUR/AUD is back on the upside as rebound from 1.4758 resumes. Further rally would be seen to retest 1.5277 resistance first. Break there will target 1.5354 support turned resistance next. On the downside, below 1.4966 minor support will turn intraday bias neutral again.
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.
