Daily Pivots: (S1) 1.5737; (P) 1.5776; (R1) 1.5852; More….
The breach of 1.5816 suggests that EUR/AUD’s medium term rise is resuming. Intraday bias is now on the upside for 1.6587 key long term resistance. In any case, outlook will remain bullish as long as 1.5606 support holds, in case of retreat.
In the bigger picture, medium term rise from 1.3624 is not completed yet. Sustained break of 1.5770 will extend the rise to retest 1.6587 (2015 high). However, considering bearish divergence condition in daily MACD, 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.
