Daily Pivots: (S1) 1.6146; (P) 1.6185; (R1) 1.6219; More…
Consolidation from 1.6033 is still in progress and intraday bias in EUR/AUD remains neutral first. Above 1.6299 minor resistance might bring another recovery. But outlook stays bearish as long as 1.6586 resistance holds. . On the downside, firm break of 1.6033 will confirm resumption of whole fall from 1.9799. Deeper fall would then be seen to long term EMA at 1.5790.
In the bigger picture, whole up trend from 1.1602 (2012 low) might have completed at 1.9799. Deeper fall could be seen to 55 month EMA (now at 1.5790). Sustained break there will pave the way to 61.8% retracement of 1.1602 to 1.9799 at 1.4733. This will remain the preferred case now as long as 1.6586 resistance holds.
