Daily Pivots: (S1) 1.5284; (P) 1.5331; (R1) 1.5385; More….
Intraday bias in EUR/AUD remains neutral at this point. Current development argues that correction from 1.5770 is not completed yet. On the downside, below 1.5259 will turn intraday bias to the downside for 1.5153. Break will target 1.4949 cluster support (38.2% retracement of 1.3624 to 1.5770 at 1.4950). Above 1.5494 will bring stronger rebound. but for the moment, we do not expect a break of 1.5770 at first attempt.
In the bigger picture, price actions from 1.5770 so far suggests that it’s corrective in nature. That is, medium term rise from 1.3624 is not completed yet. Break of 1.5770 will extend the rise to retest 1.6587 (2015 high). However, considering bearish divergence condition in daily MACD, sustained break of 1.4949 cluster support (38.2% retracement of 1.3624 to 1.5770 at 1.4950) will indicate medium term reversal. And there is prospect of retesting 1.3624 low in that bearish case.
. Above 1.5494 will bring stronger rebound. but for the moment, we do not expect a break of 1.5770 at first attempt. ){kind=link}