Daily Pivots: (S1) 1.5714; (P) 1.5770; (R1) 1.5801; More…
Intraday bias in EUR/AUD is turned neutral again as it retreated after hitting 1.5826. Outlook is unchanged that corrective fall from 1.5976 has completed at 1.5254. Further rally is expected as long as 1.5650 resistance turned support holds. Break of 1.5826 will target a test on 1.5976 high.
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.
