Daily Pivots: (S1) 1.5899; (P) 1.5947; (R1) 1.5988; More….
Intraday bias in EUR/AUD remains neutral as sideway trading continues, in range of 1.1.5852/6084. As long as 1.5857 minor support holds, further rally is expected in the cross. On the upside, above 1.6084 minor resistance will turn bias to the upside for retesting 1.6189 first. Break will resume larger rally towards 1.6587 key resistance. However, break of 1.5857 will be an early sign of trend reversal and turn bias to the downside for 1.5621 support to confirm.
In the bigger picture,rise from 1.3624 is not completed yet. And it’s still in progress for 1.6587 key resistance level. We’d be cautious on strong resistance from there to limit upside, on bearish divergence condition in daily MACD. But for now, break of 1.5621 support is needed to be the first sign of medium term reversal. Otherwise, outlook will stays bullish even in case of deep pull back.
