Daily Pivots: (S1) 1.5431; (P) 1.5549; (R1) 1.5619; More…
EUR/AUD retreated sharply after hitting near term falling channel. Focus is back on 1.5487 minor support. Firm break there will suggest completion of rebound from 1.5250. Intraday bias will be turned back to the downside to bring retest of 1.5250 low. Above 1.5689 will bring another rise. But still, outlook stays bearish as long as 1.5945 resistance holds.
In the bigger picture, price actions from 1.9799 are developing into a deep correction, to long term up trend from 1.1602 (2012 low). Deeper fall would be seen to 61.8% retracement of 1.1602 to 1.9799 at 1.4733. Medium term outlook will remain bearish as long as 1.6033 support turned resistance holds, even in case of strong rebound.
