Daily Pivots: (S1) 1.5473; (P) 1.5572; (R1) 1.5677; More…
Intraday bias in EUR/AUD remains neutral with consolidation from 1.5685 in progress. Deeper retreat cannot be ruled out but downside should be contained by 1.5156 support. On the upside, break of 1.5685 will resume the rally from 1.4281 to 161.8% projection of 1.4281 to 1.4965 from 1.4716 at 1.5823.
In the bigger picture, a medium term bottom should be in place at 1.4281, on bullish convergence condition in daily MACD. Further rise would be seen back to 1.6434 key resistance next. Break of 1.4965 resistance turned support is needed to indicate reversal. Otherwise, further rally will remain in favor.
