Daily Pivots: (S1) 1.4953; (P) 1.5009; (R1) 1.5115; More…
EUR/AUD’s rise from 1.4625 resumed by taking out 1.4997 and reaches as high as 1.5074 so far. Intraday bias is back on the upside for 1.5226 resistance. Rise from 1.3624 is possibly resuming. Break of 1.5226 will confirm and target 1.5455 fibonacci level next. On the downside, however, break of 1.4901 minor support will dampen this bullish view and turn bias back to the downside.
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 would extend to 61.8% retracement of 1.6587 to 1.3624 at 1.5455. Sustained break there will pave the way to retest 1.6587. However, sustained break of 1.4669 support will dampen this bullish view. We’ll assess the outlook later after looking at the structure and depth of the pull back.
