Daily Pivots: (S1) 1.5973; (P) 1.6002; (R1) 1.6041; More….
Intraday bias in EUR/AUD stays neutral with focus on 1.6059 resistance now. Break there will indicate completion of the pull back from 1.6189. And in that case, larger rise from 1.3624 is likely still in progress. Intraday bias will be turned back to the upside for 1.6189 first. However, on the downside, below 1.5847 minor support will suggest that rebound form 1.5773 has completed and fall from 1.6189 is resuming. Intraday bias would be turned back to the downside for 1.5773 and then 1.5621 key support level next.
In the bigger picture, the case for medium term reversal is building up in EUR/AUD. Bearish divergence condition in daily MACD indicates further loss of upside momentum ahead of 1.6587 key resistance (2015 high). Break of 1.5621 should confirm medium term topping and bring deeper fall back to 1.5153 and possibly below. Meanwhile, even in case of up trend resumption, we’d be cautious on strong resistance from 1.6587 to limit upside and bring reversal.
