Daily Pivots: (S1) 1.5890; (P) 1.5965; (R1) 1.6097; More…
EUR/AUD’s choppy rise from 1.5559 is still in progress and further rally should be seen to retest 1.6168 resistance first. Firm break there will target 1.6434 resistance next. However, on the downside, break of 1.5776 support will turn bias back to the downside for 1.5559 support instead.
In the bigger picture, rise from 1.5354 is seen as the third leg of the corrective pattern from 1.5250 low. Further rise cannot be ruled out, but even in that case, strong resistance should be seen at 38.2% retracement of 1.9799 to 1.5250 at 1.6988. Larger down trend from 1.9799 is in favor to extend through 1.5250 at a later stage.
