Daily Pivots: (S1) 1.6115; (P) 1.6266; (R1) 1.6342; More…
EUR/AUD drew some support from 1.6085 and recovers today. But there is clear sign of bottoming yet. Further fall is expected and firm break of 1.6085 will target next support level at 1.5346. Nevertheless, break of 1.6772 resistance will indicate short term bottoming and turn bias to the upside for stronger rebound.
In the bigger picture, the firm break of 1.6597 key cluster support, (2015 high and 38.2% retracement of 1.1602 to 1.9799 at 1.6668, 55 week EMA (now at 1.6553) suggests that whole up trend from 1.1602 (2012 low) might have completed. Deeper fall would now be seen to 61.8% retracement at 1.4733. This week remain the preferred case now as long as 1.7194 resistance holds.
