Daily Pivots: (S1) 1.5289; (P) 1.5360; (R1) 1.5403; More….
Intraday bias in EUR/AUD stays neutral for the moment and outlook is unchanged. The correction from 1.5570 could still extend lower. But again, near term outlook stays bullish with 1.5226 resistance turned support intact. Break of 1.5526 minor resistance will turn bias back to the upside for retesting 1.5770 resistance. However, sustained break of 1.5226 will indicate larger reversal and target 1.4949 support next.
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.
