Daily Pivots: (S1) 1.5816; (P) 1.5876; (R1) 1.5982; More….
Intraday bias in EUR/AUD remains on the upside for 1.5976 resistance first. Decisive break will resume the up trend from 1.3624 and target 61.8% projection of 1.5130 to 1.5976 from 1.5621 at 1.6130 first. On the downside, below 1.5784 minor support will delay the bullish case and turn intraday bias neutral first.
In the bigger picture, current development suggests that rise from 1.3624 is not completed yet. And it’s still in progress for 1.6587 key resistance level. We’d be cautious on strong resistance from there to limit upside, on bearish divergence condition in daily MACD. But for now, break of 1.5153 support is needed to indicate medium term reversal. Otherwise, outlook will stays bullish even in case of deep pull back.
