Intraday bias in EUR/AUD stays neutral first and further rally is expected with 1.5047 support intact. Firm break of 1.5416 will carry larger bullish implication. Next target is 161.8% projection of 1.4281 to 1.4965 from 1.4716 at 1.5823. However, break of 1.5047 will turn bias back to the downside for 55 day EMA (now at 1.4885).
In the bigger picture, current development raises the chance of medium term bottoming at at 1.4281, on bullish convergence condition in daily MACD. Firm break of 1.5396 will bring stronger rally back to 1.6434 key resistance next. Nevertheless, rejection by 1.5396 will maintain medium term bearishness for another fall through 1.4281 at a later stage.
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