Daily Pivots: (S1) 1.5687; (P) 1.5754; (R1) 1.5853; More….
EUR/AUD’s rebound from 1.5271 extends further to as high as 1.5822 so far. The break of 1.5773 carries larger bullish implications. Intraday bias stays on the upside for 1.6189 high next. On the downside, break of 1.5617 support is needed to indicate completion of the rise from 1.5271. Otherwise, outlook will now remain cautiously bullish in case of retreat.
In the bigger picture, current development suggests that fall from 1.6189 is a corrective move and has completed at 1.5217 already. Key support levels of 1.5153 and 38.2% retracement of 1.3624 to 1.6189 at 1.5209 were defended. And rise medium term rise from 1.3624 (2017 low) is not completed yet. Break of 1.6189 will target 1.6587 key resistance (2015 high).
