Daily Pivots: (S1) 1.5366; (P) 1.5443; (R1) 1.5491; More….
Today’s sharp fall suggests EUR/AUD’s correction from 1.5770 is still in progress. Deeper fall could be seen through 1.5321. But outlook will resume bullish as long as 1.5226 resistance turned support holds. Above 1.5526 minor resistance will turn bias back to the upside for retesting 1.5770 resistance.
In the bigger picture, we’re holding on to the view that corrective decline from 1.6587 medium term top (2015 high) has completed at 1.3624. Rise from 1.3624 is expected to extend to retest 1.6587. We’ll hold on to this bullish view as long as 1.5226 resistance turned support holds. Firm break of 1.6587 will resume long term rise from 1.1602 (2012 low). However, sustained break of 1.5226 will indicate trend reversal and target 1.3624 again.
