Daily Pivots: (S1) 1.5046; (P) 1.5145; (R1) 1.5198; More…
Focus is back on 1.5059 minor support in EUR/AUD. Firm break there will indicate rejection of 1.5354 support turned resistance, and revive medium term bearishness. Intraday bias will be back on the downside for 1.4759 support next. On the upside, sustained trading above 1.5343 resistance should indicate medium term bottoming at 1.4318. Stronger rally would be seen back to 100% projection of 1.4318 to 1.5277 from 1.4759 at 1.5718.
In the bigger picture, sustained break of 1.5354 support turned resistance will argue that a medium term bottom was formed at 1.4318 already. It would still be too early to call for long term trend reversal. But further rise would then be seen back towards 1.6434 resistance (2021 high). However, rejection by 1.5354 will retain bearishness for extending the down trend from 1.9799 (2020 high) through 1.4318 at a later stage.
