Daily Pivots: (S1) 1.6088; (P) 1.6132; (R1) 1.6204; More…
Intraday bias in EUR/AUD remains on the upside at this point. Rise from 1.5250 is still in progress and should target 1.6827 resistance next. On the downside, break of 1.5925 support is needed to indicate short term topping. Otherwise, near term outlook will stay mildly bullish in case of retreat.
In the bigger picture, a medium term bottom was formed at 1.5250, on bullish convergence condition in daily MACD. Rise from 1.5250 is currently seen as a correction to the down trend from 1.9799 first. Stronger rise would be seen to 38.2% retracement of 1.9799 to 1.5250 at 1.6988 next. We’d tentatively expect strong resistance from there to limit upside, at least on first attempt.
