Daily Pivots: (S1) 1.5430; (P) 1.5538; (R1) 1.5654; More…
EUR/AUD spiked higher to 1.5643, but failed to break through 1.5647 resistance and retreated. Intraday bias remains neutral first, and overall outlook is unchanged. In case of another fall, downside should be contained by 55 day EMA (now at 1.5315) to bring rebound. Decisive break of 1.5704 resistance will resume larger up trend.
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.
