Daily Pivots: (S1) 1.5781; (P) 1.5821; (R1) 1.5854; More…
intraday bias in EUR/AUD stays neutral at this point. On the downside, break of 1.5657 support will suggest rejection by 38.2% retracement of 1.6827 to 1.5250 at 1.5852. Intraday bias will be turned back to the downside for 1.5418 support first. Break there should confirm completion of consolidation pattern from 1.5250. On the upside, break of 1.5871 will extend the near term rebound to 1.6033 key support turned resistance.
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. However, firm break of 1.6033 will argue that such decline has completed, and turn focus to 1.6827 structural resistance for confirmation.
