Daily Pivots: (S1) 1.5551; (P) 1.5616; (R1) 1.5686; More…
Despite some loss of upside momentum, further rise is expected in EUR/AUD with 1.5429 support intact. Next target is 161.8% projection of 1.4281 to 1.4965 from 1.4716 at 1.5823. On the downside, break of 1.5429 minor support turn bias back to the downside for deeper pull back.
In the bigger picture, a medium term bottom should be in place at 1.4281, on bullish convergence condition in daily MACD. Further rise would be seen back to 1.6434 key resistance next. Break of 1.4965 resistance turned support is needed to indicate reversal. Otherwise, further rally will remain in favor.
