Daily Pivots: (S1) 1.6454; (P) 1.6502; (R1) 1.6536; More…
Intraday bias in EUR/AUD stays neutral as consolidation from 1.6033 is still extending. As long as 1.6586 resistance holds, we’d still expect larger fall from 1.9799 to extent through 1.6033. However, firm break of 1.6586 should will confirm short term bottoming and turn bias back to the upside for stronger rebound.
In the bigger picture, whole up trend from 1.1602 (2012 low) might have completed at 1.9799. Deeper fall could be seen to 61.8% retracement of 1.1602 to 1.9799 at 1.4733. This will remain the preferred case now as long as 1.7194 resistance holds.
