Daily Pivots: (S1) 1.5951; (P) 1.5998; (R1) 1.6032; More…
Range trading continues in EUR/AUD and intraday bias remains neutral first. Near term outlook stays bullish as long as 1.5925 support holds. On the upside, break of 1.6182 will resume the rise from 1.5250 to 1.6827 resistance next. However, firm break of 1.5925 will bring deeper fall back to 1.5614 structural support instead.
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.
