Daily Pivots: (S1) 1.4653; (P) 1.4690; (R1) 1.4757; More…
EUR/AUD’s fall resumed after brief recovery and reaches as low as 1.4580 so far. Break of 1.4625 confirmed resumption of correction from 1.5226. Intraday bias stays on the downside for 100% projection of 1.5226 to 1.4625 from 1.4472 next. Break there will target 61.8% retracement of 1.3624 to 1.5226 at 1.4236. On the upside, above 1.4776 minor resistance will turn intraday bias neutral first.
In the bigger picture, we’re holding on to the view that corrective decline from 1.6587 medium term has completed at 1.3624. But we will monitor the structure of the decline from 1.5226 to adjust our view. Above 1.5226 will target a test on 1.6587 key resistance. However, further downside acceleration will dampen our view and would drag EUR/AUD lower to retest key support zone around 1.3624.
