Daily Pivots: (S1) 1.4778; (P) 1.4844; (R1) 1.4886; More…
Intraday bias in EUR/AUD remains on the upside for next medium term fibonacci level at 1.5455. On the downside, touching 1.4649 minor support will turn bias neutral and bring consolidation. But retreat should be contained by 1.4442 support and bring rise resumption.
In the bigger picture, price actions from 1.6587 medium term top are viewed as a corrective pattern. Such correction should be completed after defending 1.3671 key support. Rise from 1.3642 is now expected to target 61.8% retracement of 1.6587 to 1.3624 at 1.5455 and above. In any case, outlook will now stay cautiously bullish as long as 1.4309 resistance turned support holds.
