Daily Pivots: (S1) 1.4716; (P) 1.4762; (R1) 1.4839; More…
EUR/AUD’s break of 1.4777 indicates resumption of the rise from 1.4421. Intraday bias is back on the upside for 1.5073 resistance. As not before, correction from 1.5226 should have completed with three waves down to 1.4421 already. On the downside, break of 1.4564 support will dampen this bullish view and will turn bias back to the downside for 1.4421 support instead.
In the bigger picture, we’re holding on to the view that corrective decline from 1.6587 medium term has completed at 1.3624. Rise from 1.3624 is expected to resume to retest 1.6587. The corrective structure of the fall from 1.5226 is affirming this view. Above 1.5226 will target a test on 1.6587 key resistance. However, another decline will dampen our view and would drag EUR/AUD lower to retest key support zone around 1.3624.
