Daily Pivots: (S1) 1.5816; (P) 1.5876; (R1) 1.5982; More….
EUR/AUD’s rise continues today and reaches as high as 1.5998 so far. The break of 1.5976 high indicates resumption of medium term up trend from 1.3624. Intraday bias stays on the upside for 61.8% projection of 1.5130 to 1.5976 from 1.5621 at 1.6130 first. On the downside, below 1.5896 minor support will turn intraday bias neutral first. But outlook will now remain bullish as long as 1.5621 support holds.
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.
