Daily Pivots: (S1) 1.5576; (P) 1.5623; (R1) 1.5702; More….
EUR/AUD’s break of 1.5690 minor resistance suggests that rebound from 1.5271 has resumed. Current upside acceleration suggest that the decline from 1.6189 has possibly completed with three waves down to 1.5271 already. Intraday bias is now on the upside with focus on 1.5773 support turned resistance. Break will bring retest of 1.6189 high. On the downside, below 1.5601 minor support will turn intraday bias neutral instead.
In the bigger picture, focus is back on 1.5773 support turned resistance with the current strong rebound. Firm break there will argue that medium term rise from 1.3624 (2017 low) is not completed yet. Further break of 1.6189 will target 1.6587 key resistance (2015 high). Though, rejection by 1.5773 will revive the case of bearish trend reversal and target 61.8% retracement of 1.3624 to 1.6189 at 1.4604.
