Daily Pivots: (S1) 1.4925; (P) 1.4980; (R1) 1.5076; More

Intraday bias in EUR/AUD remains on the upside for the moment. Rise from 1.4421 is still in progress and recent development suggests that correction from 1.5226 has completed with three waves down to 1.4421. Firm break of 1.5073 resistance will affirm the case that whole rebound from 1.3624 is resuming and target 1.5226 high. On the downside, below 1.4882 minor support will turn intraday bias neutral first. But outlook will remain cautiously bullish as long as 1.4732 support holds.

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 extend 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, break of 1.4421 will dampen our view and would drag EUR/AUD lower to retest key support zone around 1.3624.

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