EUR/AUD Daily Outlook
Daily Pivots: (S1) 1.5201; (P) 1.5244; (R1) 1.5290; More.....
Intraday bias in EUR/AUD remains neutral for some more consolidations above 1.5115 temporary low. But again, a short term top is already in place at 1.5596 with bearish divergence condition in 4 hours MACD. Another decline is expected. Below 1.5115 will target 55 days EMA (now at 1.4973).
In the bigger picture, medium term rally from 1.1602 is not completed yet. As long as 1.4050 cluster support holds (38.2% retracement of 1.1602 to 1.5596 at 1.4070), we'd expect another rally to 50% retracement of 2.1127 to 1.1602 at 1.6365 and above. Break of 1.4050 will, however, at least bring deeper correction