Daily Pivots: (S1) 1.5604; (P) 1.5639; (R1) 1.5667; More…
EUR/AUD failed to break through 1.5689 resistance and retreated. Intraday bias is turned neutral first. Consolidation pattern from 1.5250 could still extend. Break of 1.5672 will target 38.2% retracement of 1.6827 to 1.5250 at 1.5852. nevertheless, break of 1.5526 will turn bias back to the downside for 1.5355 support and below.
In the bigger picture, price actions from 1.9799 are developing into a deep correction, to long term up trend from 1.1602 (2012 low). Deeper fall would be seen to 61.8% retracement of 1.1602 to 1.9799 at 1.4733. Medium term outlook will remain bearish as long as 1.6033 support turned resistance holds, even in case of strong rebound.
