Daily Pivots: (S1) 1.5377; (P) 1.5512; (R1) 1.5595; More…
Intraday bias in EUR/AUD remains neutral for consolidation below 1.5685. In case of another retreat, downside should be contained by 1.5165 support to bring another rally. Break of 1.5685 will resume the rise from 1.4281 and target 161.8% projection of 1.4281 to 1.4965 from 1.4716 at 1.5823 next.
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.
