Daily Pivots: (S1) 1.5534; (P) 1.5606; (R1) 1.5662; More…
Intraday bias in EUR/AUD remains neutral for the moment. But further rally is expected as long as 1.5271 support holds. On the upside, firm break of 1.5474 will resume larger rally from 1.4281. Next target is 61.8% projection of 1.4281 to 1.5704 from 1.5271 at 1.6150.
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 1.5271 support is needed to indicate reversal. Otherwise, further rally will remain in favor.
