Daily Pivots: (S1) 1.5509; (P) 1.5598; (R1) 1.5763; More…
Intraday bias in EUR/AUD stays on the upside at this point. Current rally should target 161.8% projection of 1.4281 to 1.4965 from 1.4716 at 1.5823. On the downside, break of 1.5429 minor support will turn intraday bias neutral and bring consolidation first, before staging another rally.
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.
