Daily Pivots: (S1) 1.5992; (P) 1.6045; (R1) 1.6079; More….
EUR/AUD recovers strongly today but for now there is no confirmation of short term reversal yet. Correction from 1.6353 could still extend lower to 100% projection of 1.6353 to 1.6051 from 1.6252 at 1.5950. But downside should be contained above 1.5886 cluster support (61.8% retracement of 1.5601 to 1.6353 at 1.5888) to bring rebound and then rise resumption. On the upside, break of 1.6252 resistance will target a retest on 1.6353 first.
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 1.5886 resistance turned support is need to be the first sign of medium term reversal. Otherwise, outlook will remain bullish in case of deep pull back.
