Daily Pivots: (S1) 1.6301; (P) 1.6361; (R1) 1.6401; More…
Intraday bias in EUR/AUD remains mildly on the upside at this point. Consolidation pattern from 1.6033 should have started another rising leg. Further rise could be seen back to 1.6827 resistance. On the downside, break of 1.6122 will bring retest of 1.6033 low.
In the bigger picture, price action from 1.9799 are seen as developing into a corrective pattern. The question is whether it’s a sideway pattern or a deep correction. On the downside, sustained break of 1.6033 will suggest it’s the latter case and target 61.8% retracement of 1.1602 (2012 low) to 1.9799 at 1.4733. On the upside, break of 1.6827 resistance will favor the former case and bring stronger rebound.
