Daily Pivots: (S1) 1.5663; (P) 1.5761; (R1) 1.5823; More…
EUR/AUD’s decline continues today and hit as low as 1.5643 so far. The break of 100% projection of 1.6434 to 1.5907 from 1.6232 at 1.5705 and near term falling channel support indicates downside acceleration. Intraday bias stays on the downside for 161.8% projection at 1.5379 next. On the upside, above 1.5754 minor resistance will turn intraday bias neutral and bring consolidations. But recovery should be limited below 1.5907 support turned resistance to bring another decline.
In the bigger picture, rise from 1.5250 medium term bottom is seen as a correction to the down trend from 1.9799 (2020 high) only. With 38.2% retracement of 1.9799 to 1.5250 at 1.6988 intact, such down trend is expected to resume at a later stage. Firm break of 1.5250 will target 61.8% retracement of 1.1602 (2012 low) to 1.9799 at 1.4733. In any case, sustained break of 1.6988 fibonacci level is needed to indicate long term reversal.
