Daily Pivots: (S1) 1.5813; (P) 1.5852; (R1) 1.5879; More….

EUR/AUD was rejected by 4 hour 55 EMA again but it’s staying above 1.5774 temporary low. Intraday bias remains neutral first. As noted before, consolidation pattern from 1.6189 is still unfolding. Deeper decline could be seen through 1.5773 support. But we’d expect downside to be contained above 1.5621 support to bring rebound. On the upside, above 1.5962 will turn bias to the upside for 1.6139 resistance and above.

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In the bigger picture, while there is bearish divergence condition in daily MACD, there is no clear sign of reversal yet. Current rally from 1.3624 could extend to 1.6587 key resistance (2015 high). Nonetheless, we’d expect further loss of upside momentum, and strong resistance from 1.6587 to limit upside and bring reversal. On the downside, sustained break of 1.5621 support should confirm reversal and turn outlook bearish for 1.5153 support and below.

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