Daily Pivots: (S1) 1.5254; (P) 1.5291; (R1) 1.5325; More…
EUR/AUD recovered after drawing support from 1.5271 support and intraday bias is turned neutral first. On the upside, firm break of 1.5425 will indicate short term bottoming, and turn bias back to the upside for 55 day EMA (now at 1.5513) and above. On the downside, decisive break of 1.5271 will carry larger bearish implication and bring deeper fall to 61.8% retracement of 1.4281 to 1.5976 at 1.4928.
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.
