Daily Pivots: (S1) 1.6268; (P) 1.6334; (R1) 1.6386; More…
Intraday bias in EUR/AUD stays neutral at this point. Rebound from 1.6122 short term bottom, as another rising leg in the consolidation pattern from 1.6033, is expected to resume sooner or later. Break of 1.6420 will turn bias to the upside for 1.6827 resistance. Nevertheless, on the downside, break of 1.6122 will bring retest of 1.6033 low.
In the bigger picture, price action from 1.9799 are seen as developing into a corrective pattern. The question is whether it’s a sideway pattern or a deep correction. On the downside, sustained break of 1.6033 will suggest it’s the latter case and target 61.8% retracement of 1.1602 (2012 low) to 1.9799 at 1.4733. On the upside, break of 1.6827 resistance will favor the former case and bring stronger rebound.
