Daily Pivots: (S1) 1.4963; (P) 1.5013; (R1) 1.5087; More…
Breach of 1.5074 suggests that recent rise in EUR/AUD is resuming and intraday bias is back on the upside. We’re holding on to the bullish view that the medium term trend has reversed. Break of 1.5094 resistance will extend the rally from 1.3624 to next medium term fibonacci level at 1.5455. On the downside, below 1.4934 will indicate short term topping and bring lengthier consolidation. But further rise would remain in favor as long as 1.4669 support holds.
In the bigger picture, price actions from 1.6587 medium term top are viewed as a corrective pattern. Such correction should be completed at 1.3624 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.
