Daily Pivots: (S1) 1.4928; (P) 1.5021; (R1) 1.5113; More…
Break of 1.5059 minor support argues that EUR/AUD has formed at top at 1.5396, after failing to sustain above 1.5354 support turned resistance. Intraday bias is back on the downside for 1.4759 support first. Sustained break there will pave the way back to retest 1.4318 low. Nevertheless, on the upside, sustained trading above 1.5343 resistance should indicate medium term bottoming at 1.4318, and bring stronger rally.
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.
