Daily Pivots: (S1) 1.5901; (P) 1.5935; (R1) 1.5997; More

Intraday bias in EUR/AUD remains on the upside at this point. The strong break of 1.6003 resistance argues that rise from 1.5250 is at least correcting the whole fall from 1.9799. Further rise would be seen to 1.6827 resistance and then 1.6988 fibonacci level. On the downside, break of 1.5773 support is needed to indicate short term topping. Otherwise, outlook will remain bullish in case of retreat.

In the bigger picture, break of 1.6033 support turned resistance suggest that fall from 1.9799 has completed at 1.5250 already, on bullish convergence condition in daily MACD. Rise form 1.5250 could either be correcting or reversing the prior fall form 1.9799. In both case, further rally is now expected to 38.2% retracement of 1.9799 to 1.5250 at 1.6988. Reactions from there would reveal more about the underlying momentum.

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