Daily Pivots: (S1) 1.5617; (P) 1.5650; (R1) 1.5699; More….
Intraday bias in EUR/AUD remains neutral for consolidation below 1.5770 short term top. Deeper decline could be seen and break of 1.5458 support cannot be ruled out. But downside should be contained above 1.5226 key support to bring rally resumption. On the upside, break of 1.5770 will resume the medium term rise and target 61.8% projection of 1.3624 to 1.5226 from 1.4949 at 1.5939 first.
In the bigger picture, we’re holding on to the view that corrective decline from 1.6587 medium term top (2015 high) has completed at 1.3624. Rise from 1.3624 is expected to extend to retest 1.6587. We’ll hold on to this bullish view as long as 1.5226 resistance turned support holds. Firm break of 1.6587 will resume long term rise from 1.1602 (2012 low).
