Daily Pivots: (S1) 1.5993; (P) 1.6062; (R1) 1.6097; More…
Intraday bias in EUR/AUD is turned neutral with current retreat. Some consolidation could be seen, but further rise is expected as long as 1.5773 support holds. Break of 1.6128 will resume the whole rise from 1.5250, which correctives the down trend from 1.9799, to 1.6827 resistance next.
In the bigger picture, outlook stays bearish with 1.6033 support turned resistance intact for now. Fall from 1.9799, as a correction to to long term up trend from 1.1602 (2012 low) is still in favor to resume through 1.5250 later. However, firm break of 1.6033 will argue that such decline has completed. Stronger rebound would then be seen 38.2% retracement of 1.9799 to 1.5250 at 1.6988.
