Daily Pivots: (S1) 1.5420; (P) 1.5516; (R1) 1.5573; More…
EUR/AUD’s fall from 1.5976 resumed by breaking through 1.5414. Intraday bias is back on the downside for 38.2% retracement of 1.4281 to 1.5976 at 1.5329. Strong support could be seen there to bring rebound. Break of 1.5614 resistance will indicate that the correction has completed, and bring retest of 1.5976 high. However, sustained trading below 1.5329 will carry larger bearish implication and target 61.8% retracement at 1.4928.
In the bigger picture, it’s still early to confirm if rise from 1.4281 represents bullish trend reversal. But as long as 1.5271 support holds, such rally is in favor to continue. Break of 1.5976 will target 1.6434 key resistance next. On the other hand, firm break of 1.5271 will retain medium term bearishness instead.
