Daily Pivots: (S1) 1.5372; (P) 1.5498; (R1) 1.5567; More…
EUR/AUD’s break of 1.5624 resistance argues that correction from 1.5976 has completed at 1.5376. Intraday bias is back on the upside for retesting 1.5976 first. Firm break there will resume larger rise from 1.4281. For now, risk will stay on the upside as long as 1.5376 support holds, in case of retreat.
In the bigger picture, it’s still early to confirm if rise from 1.4281 represents bullish trend reversal. But as long as 1.5271 support holds, such rally is in favor to continue. Break of 1.5976 will target 1.6434 key resistance next. On the other hand, firm break of 1.5271 will retain medium term bearishness instead.
