Daily Pivots: (S1) 1.5285; (P) 1.5316; (R1) 1.5345; More….
No change in EUR/AUD’s outlook. Further decline cannot be ruled out yet. But fall from 1.5770 is seen as a correction. And outlook will stay bullish as long as 1.5226 resistance turned support holds. Break of 1.5526 minor resistance will indicate that the correction has completed. And, intraday bias will be turned back to the upside for retesting 1.5770. However, sustained break of 1.5226 will indicate larger reversal and target 1.4949 support next.
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). However, sustained break of 1.5226 will indicate trend reversal and target 1.3624 again.
