Daily Pivots: (S1) 1.5122; (P) 1.5178; (R1) 1.5277; More….
EUR/AUD’s strong rebound argues that pull back from 1.5392 could have completed at 1.5079 already. Intraday bias is turned back to the upside for 1.5392 first. Break there will resume medium term rise from 1.3624 and target 61.8% projection of 1.3624 to 1.5226 from 1.4949 at 1.5939 first. On the downside, below 1.5196 will turn intraday bias neutral again and extend the consolidation from 1.5392. But overall, as long as 1.4949 support holds, outlook remains bullish and further rise is in favor.
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. However, break of 1.4949 support will dampen our view and argue that rise from 1.3624 has completed. In that case, EUR/AUD would turn southward for retesting 1.3624 low.
