Daily Pivots: (S1) 1.6006; (P) 1.6085; (R1) 1.6132; More…
EUR/AUD’s fall from 1.6232 resumed by taking out 1.6050 temporary. Intraday bias is back on the downside for 1.5898 key structural support. Sustained break there will argue that whole rise from 1.5250 has completed, and turn near term outlook bearish. On the upside above 1.6232 will target 1.6434 high instead.
In the bigger picture, rise from 1.5250 medium term bottom is currently seen as a correction to the down trend from 1.9799 first. Stronger rise could be seen to 38.2% retracement of 1.9799 to 1.5250 at 1.6988 next. We’d tentatively expect strong resistance from there to limit upside, at least on first attempt. Meanwhile, break of 1.5898 support will indicate that the rebound has completed. Larger down trend from 1.9799 might be ready to resume through 1.5250 low.
