Daily Pivots: (S1) 1.4599; (P) 1.4675; (R1) 1.4723; More…
Intraday bias in EUR/AUD remains on the downside for the moment. Break of 1.4625 support will extend the correction from 1.5226 to 100% projection of 1.5226 to 1.4625 from 1.4472 next. We’ll look for bottoming signal below 1.4472. On the upside, above 1.4705 minor resistance will turn bias neutral and bring consolidations. But deeper fall is still expected as long as 1.5073 resistance holds.
In the bigger picture, we’re holding on to the view that corrective decline from 1.6587 medium term has completed at 1.3624. But we will monitor the structure of the decline from 1.5226 to adjust our view. Above 1.5226 will target a test on 1.6587 key resistance. However, further downside acceleration will dampen our view and would drag EUR/AUD lower to retest key support zone around 1.3624.
