Daily Pivots: (S1) 1.6046; (P) 1.6136; (R1) 1.6272; More…
Intraday bias in EUR/AUD remains on the upside for the moment. Rise from 1.5354 should now target 100% projection of 1.5354 to 1.6168 from 1.5559 at 1.6373 next. On the downside, below 1.6032 minor support will turn intraday bias neutral and bring consolidations first, before staging another rally.
In the bigger picture, rise from 1.5354 is seen as the third leg of the corrective pattern from 1.5250 low. Further rise cannot be ruled out, but even in that case, strong resistance should be seen at 38.2% retracement of 1.9799 to 1.5250 at 1.6988. Larger down trend from 1.9799 is in favor to extend through 1.5250 at a later stage.
