Daily Pivots: (S1) 1.4523; (P) 1.4571; (R1) 1.4630; More…
EUR/AUD is losing some downside momentum as seen in 4 hour MACD, but there is no sign of bottoming yet. Current fall from 1.5396 should target a test on 1.4318 low next. Decisive break there will resume larger down trend. On the upside, break of 1.4666 minor resistance will turn intraday bias to the upside for recovery first.
In the bigger picture, rejection by 1.5354 support turned resistance, as well as 55 week EMA (now at 1.5378), maintain medium term bearishness. That is, larger down trend from 1.9799 is not completed yet. Break of 1.4318 low will target 61.8% projection of 1.9799 to 1.5250 from 1.6434 at 1.3623, which is close to 1.3624 long term support (2017 low). This will remain the favored case now as long as 1.5396 resistance holds.
