Daily Pivots: (S1) 1.5682; (P) 1.5721; (R1) 1.5748; More…
EUR/AUD’s rise from 1.5254 resumed after brief consolidations. Intraday bias is back on the upside. Outlook is unchanged that corrective fall from 1.5976 has completed at 1.5254. Further rally is expected to retest 1.5976 high. On the downside, however, break of1.5690 support will delay the bullish case and extend the corrective pattern from 1.5976 with another falling leg.
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.
