Daily Pivots: (S1) 1.5586; (P) 1.5638; (R1) 1.5701; More…
EUR/AUD’s break of 1.5704 resistance indicates resumption of whole rise from 1.4281. Intraday bias is back on the upside. Next target is 61.8% projection of 1.4281 to 1.5704 from 1.5271 at 1.6150. For now, near term outlook will remain bullish as long as 1.5271 support holds, in case of retreat.
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 1.5271 support is needed to indicate reversal. Otherwise, further rally will remain in favor.
