Daily Pivots: (S1) 1.5338; (P) 1.5381; (R1) 1.5449; More….
EUR/AUD is staying in range of 1.5259/5494 and intraday bias remains neutral. Fall from 1.5770 is likely not finished yet. Below 1.5259 should send EUR/AUD through 1.5153 low to 1.4949 cluster support (38.2% retracement of 1.3624 to 1.5770 at 1.4950). On the upside, break of 1.5494 will extend the rebound form 1.5153. But we don’t expect a break of 1.5770 in first attempt.
In the bigger picture, price actions from 1.5770 so far suggests that it’s corrective in nature. That is, medium term rise from 1.3624 is not completed yet. Break of 1.5770 will extend the rise to retest 1.6587 (2015 high). However, considering bearish divergence condition in daily MACD, sustained break of 1.4949 cluster support (38.2% retracement of 1.3624 to 1.5770 at 1.4950) will indicate medium term reversal. And there is prospect of retesting 1.3624 low in that bearish case.
. On the upside, break of 1.5494 will extend the rebound form 1.5153. But we don't expect a break of 1.5770 in first attempt ){kind=link}