Daily Pivots: (S1) 1.5355; (P) 1.5460; (R1) 1.5548; More…
Consolidation from 1.5704 is extending and intraday bias in EUR/AUD remains neutral first. . In case of another fall, downside should be contained by 55 day EMA (now at 1.5318) to bring rebound. On the upside, decisive break of 1.5704 resistance will resume whole 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.
