Daily Pivots: (S1) 1.4704; (P) 1.4770; (R1) 1.4887; More…
EUR/AUD’s rally continues today and reaches as high as 1.4909 so far. The strong break of 1.4721 key resistance should confirm our bullish view of trend reversal. Intraday bias remains on the upside. Current rise should now target 1.5455 medium term fibonacci level. On the downside, break of 1.4442 support is needed to indicate short term topping. Otherwise, outlook will remains bullish in case of retreat.
In the bigger picture, price actions from 1.6587 medium term top are viewed as a corrective pattern. Such correction should be completed after defending 1.3671 key support. Rise from 1.3642 is now expected to target 61.8% retracement of 1.6587 to 1.3624 at 1.5455 and above. In any case, outlook will now stay cautiously bullish as long as 1.4309 resistance turned support holds.
