Daily Pivots: (S1) 1.5415; (P) 1.5477; (R1) 1.5526; More…
EUR/AUD retreated again after hitting 1.5638 and intraday bias is turned neutral. For now, further rally will remain in favor as long as 4 hour 55 EMA (now at 1.5347) holds. Above 1.5638 will target 161.8% projection of 1.4281 to 1.4965 from 1.4716 at 1.5823. Nevertheless, firm break of 4 hour 55 EMA will confirm short term topping and bring deeper pull back.
In the bigger picture, a medium term bottom should be in place at 1.4281, on bullish convergence condition in daily MACD. Further rise would be seen back to 1.6434 key resistance next. Break of 1.4965 resistance turned support is needed to indicate reversal. Otherwise, further rally will remain in favor.
