Daily Pivots: (S1) 1.5403; (P) 1.5485; (R1) 1.5529; More…
EUR/AUD is extending the consolidation from 1.5704 and intraday bias remains neutral. Deeper decline cannot be ruled out. But downside should be contained by 55 day EMA (now at 1.5172) to bring rebound. On the upside, break of 1.5704 will resume the rally from 1.4281.
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.
