As the fundamental arguments for the trade change, we have to change. Even after a rate cut from RBA, it seems like AUD is not depreciating that fast. So now since we are looking to switch side from EUR/AUD short to EUR/AUD long, we have to be careful picking the levels.
Initially we are looking for 1.5200 /1.5100 as a good test for the pair for defining the next big leg. Above 1.4900 we are looking for levels to get long for both short and medium term. Only caveat to this trade is that commodity starts to recover, good print from Australian data - CPI in particular and abandonment of further easing bias from RBA by market.