Daily Pivots: (S1) 1.4776; (P) 1.4823; (R1) 1.4914; More…
EUR/AUD recovered after forming a temporary low at 1.4732 and intraday bias is turned neutral first. Overall outlook is unchanged that corrective pattern from 1.5226 is still in progress. Below 1.4732 will target a test on 50% retracement of 1.3624 to 1.5226 at 1.4427 again. On the upside, above 1.5019 will target a test on 1.5226 high instead.
In the bigger picture, we’re holding on to the view that corrective decline from 1.6587 medium term has completed at 1.3624. Rise from 1.3624 is expected to extend to retest 1.6587. The corrective structure of the fall from 1.5226 is affirming this view. Above 1.5226 will target a test on 1.6587 key resistance. However, another decline will dampen our view and would drag EUR/AUD lower to retest key support zone around 1.3624.
