Daily Pivots: (S1) 1.6022; (P) 1.6104; (R1) 1.6148; More….
EUR/AUD’s consolidation pattern from 1.6353 extends lower and hit 38.2% retracement of 1.5601 to 1.6353 at 1.6066. At this point, deeper decline could still be seen. But downside should be contained well above 1.5886 cluster support (61.8% retracement at 1.5888) to bring rise resumption. On the upside, above 1.6172 minor resistance will bring retest of 1.6353 first. Break will resume larger up trend to 1.6587 key resistance level.
In the bigger picture, up trend from 1.3624 (2017 low) is still in progress. Further rise should be seen to retest 1.6587 (2015 high). Decisive break there will resume the long term rally and target 1.7488 fibonacci level. On the downside, break of 1.5601 support is need to be the first sign of medium term reversal. Otherwise, outlook will remain bullish in case of deep pull back.
