Daily Pivots: (S1) 1.4939; (P) 1.4991; (R1) 1.5065; More…
EUR/AUD reaches as high as 1.5074 but falls sharply ahead of 1.0594 resistance. Intraday bias is turned neutral for consolidations first. Deeper retreat could be seen but outlook will remain bullish as long as 1.4669 support holds. We’re holding on to the view of trend reversal. Break of 1.5094 will extend the rise from 1.3624 to next medium term fibonacci level at 1.5455.
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.
