Daily Pivots: (S1) 1.5121; (P) 1.5174; (R1) 1.5253; More…
Intraday bias in EUR/AUD remains on the upside for the moment. Current rise from 1.3624 is expected to target r next medium term fibonacci level at 1.5455. On the downside, break of 1.4927 is needed to signal short term topping. Otherwise, outlook will remain 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 at 1.3624 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. Sustained break there will pave the way to retest 1.6587. In any case, outlook will now stay cautiously bullish as long as 1.4669 support holds.
