Daily Pivots: (S1) 1.5431; (P) 1.5549; (R1) 1.5619; More…
EUR/AUD’s break of 1.5487 support indicates that corrective rebound from 1.5250 has completed at 1.5689, after hitting channel resistance. Intraday bias is back on the downside for retesting 1.5250 low first. Break will resume larger down trend form 1.9799, for 1.4733 fibonacci level. On the upside, above 1.5689 will bring another rebound. But outlook will remain 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.
