Daily Pivots: (S1) 1.5909; (P) 1.5967; (R1) 1.6036; More….
EUR/AUD’s rally is still in progress and reaches as high as 1.6036 so far. Intraday bias remains on the upside for 61.8% projection of 1.5130 to 1.5976 from 1.5621 at 1.6130 first. Break there will target 100% projection at 1.6444 next. On the downside, below 1.5896 minor support will turn intraday bias neutral first. But retreat should be contained above 1.5621 support to bring another rally.
In the bigger picture, current development suggests that rise from 1.3624 is not completed yet. And it’s still in progress for 1.6587 key resistance level. We’d be cautious on strong resistance from there to limit upside, on bearish divergence condition in daily MACD. But for now, break of 1.5153 support is needed to indicate medium term reversal. Otherwise, outlook will stays bullish even in case of deep pull back.
