Daily Pivots: (S1) 1.5715; (P) 1.5755; (R1) 1.5816; More….
EUR/AUD’s strong rebound and break of 1.5791 minor resistance suggests that pull back fro 1.5976 has completed at 1.5621, after drawing support from 1.5626 support. Intraday bias is turned back to the upside for retest 1.5976 first. Break will resume larger up rise from 1.3624. On the downside, decisive break of 1.5626 near term support will firstly resume the fall from 1.5976. Secondly, that will also raise the odds of larger reversal. Deeper fall should then be seen to 61.8% retracement of 1.5153 to 1.5976 at 1.5467 and below.
In the bigger picture, change of medium term reversal is increasing with EUR/AUD just missing double projection target. They are 61.8% projection of 1.4421 to 1.5770 from 1.5153 at 1.5987, and 100% projection of 1.3624 to 1.5226 from 1.4421at 1.6023. Also, bearish divergence condition remains in daily MACD. Break of 1.5626 support will add to this bearish case and target 1.5153 key support for confirmation. Nonetheless, before that happens, as long as 1.5153 support holds, medium term rise from 1.3624 could still extend to retest 1.6587 high.
