Daily Pivots: (S1) 1.5807; (P) 1.5859; (R1) 1.5895; More….
EUR/AUD lost momentum after hitting 61.8% projection of 1.5258 to 1.5816 from 1.5626 at 1.5971. Intraday bias is turned neutral first. Another rise is expected as long as 1.5823 minor support holds. Break of 1.5976 will target 100% projection at 1.6184 next. Nonetheless, considering bearish divergence condition in 4 hour MACD, break of 1.5823 will indicate short term topping and bring deeper pull back to 1.5626 and possibly below.
In the bigger picture, medium term rise from 1.3624 is still in progress for 1.6587 key resistance. At this point, we’d be cautious on strong resistance from there to limit upside. But decisive break will confirm resumption of long term rise from 1.1602. On the downside, break of 1.5153 support is needed to indicate completion of the medium term rise. Otherwise, outlook will remain bullish in case of pull back.
