Daily Pivots: (S1) 1.6053; (P) 1.6096; (R1) 1.6119; More….
EUR/AUD lost some upside momentum as seen in 4 hour MACD. But with 1.6015 minor support intact, further rise is mildly in favor to 1.6189 high. Firm break there will resume medium term rise from 1.3624 and target 1.6587 key resistance. On the downside, below 1.6019 minor support will turn focus back to 1.5773 instead.
In the bigger picture, while there is bearish divergence condition in daily MACD, there is no clear sign of reversal yet. EUR/AUD also drew strong support from 55 day EMA and rebounded. Current rally from 1.3624 could still extend to 1.6587 key resistance (2015 high). Nonetheless, we’d expect further loss of upside momentum, and strong resistance from 1.6587 to limit upside and bring reversal.
