Daily Pivots: (S1) 1.4941; (P) 1.5014; (R1) 1.5057; More….
Intraday bias in EUR/AUD remains mildly on the downside for 1.4732 support. The cross could have failed 1.5226 resistance and rebound from 1.4421 is likely finished. Fall from 1.5173 is viewed as the third leg of the consolidation pattern from 1.5226. Break of 1.4372 will target 1.4421 again. But we’d expect strong support from there to contain downside and bring rebound. On the upside, above 1.5042 minor resistance will turn bias back to the upside for 1.5173 resistance 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 extend to retest 1.6587. The corrective structure of the price actions 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.
