Daily Pivots: (S1) 1.5020; (P) 1.5045; (R1) 1.5075; More….
Intraday bias in EUR/AUD remains neutral as range trading continues. With 1.5101 minor resistance intact, deeper decline is in favor. Fall from 1.5241 is seen as the third leg of the consolidation pattern from 1.5226. Break of 1.4945 will target 1.4791 support and possibly further to 1.4421. On the upside, though above 1.5101 will turn focus back to 1.5241 resistance instead.
In the bigger picture, we’re holding on to the view that corrective decline from 1.6587 medium term top has completed at 1.3624. Rise from 1.3624 is expected to extend to retest 1.6587. The corrective structure of the price actions from 1.5226 is affirming this view. Sustained trading above 1.5226 will target a test on 1.6587 key resistance. However, break of 1.4421 support will dampen our view and would drag EUR/AUD lower to retest key support zone around 1.3624.
