Daily Pivots: (S1) 1.5617; (P) 1.5680; (R1) 1.5740; More…
EUR/AUD’s break of 55 day EMA suggests that a short term top was formed at 1.5976. Intraday bias is now on the downside for correction to 38.2% retracement of 1.4281 to 1.5976 at 1.5329. On the upside, above 1.5739 minor resistance will suggest that the pull back has finished, and bring retest of 1.5976 high.
In the bigger picture, strong support from 55 week EMA affirms underlying bullishness. As long as 1.5271 support holds, rise from 1.4281 medium term bottom is expected to continue to 1.6434 key resistance next. Decisive break there should confirm medium term bullish trend reversal.
