Daily Pivots: (S1) 1.6148; (P) 1.6225; (R1) 1.6276; More…
Intraday bias in EUR/AUD remains neutral at this point. Another rise will remain in favor as long as 1.6182 resistance turned support holds. On the upside, break of 1.6434 will resume larger rise from 1.5250 to 1.6827 resistance next. On the downside, though, break of 1.6182 will bring deeper pull back towards 1.5898 structural support instead.
In the bigger picture, rise from 1.5250 medium term bottom 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. Meanwhile, break of 1.5898 support will indicate that the rebound has completed and bring retest of 1.5250 low.
