Daily Pivots: (S1) 1.5756; (P) 1.5806; (R1) 1.5870; More….
Intraday bias in EUR/AUD remains neutral for the moment. Prior break of 1.5984 support is taken as an early sign of medium term trend reversal. Further decline is, thus, in favor as long as this 1.5984 holds. On the downside, below 1.5742 will target 1.5601 support. Break there will pave the way to 1.5271/5313 cluster support zone next.
In the bigger picture, current development argues that up trend from 1.3624 (2017 low) is possibly completed at 1.6357, ahead of 1.6587 (2015 high). This is supported by bearish divergence condition in weekly MACD. Deeper decline is now in favor to 1.5271 cluster support (38.2% retracement of 1.3624 to 1.6357 at 1.5313). Break will target 61.8% retracement at 1.4668. On the upside, break of 1.6357 is needed to confirm up trend resumption. Otherwise, risk will now stay on the downside even in case of strong rebound.
