Daily Pivots: (S1) 1.5724; (P) 1.5775; (R1) 1.5832; More…
Intraday bias in EUR/AUD is mildly on the downside at this point. Rebound from 1.5354 could have completed three waves up to 1.6168. Deeper fall would be seen back to retest 1.5354 low. On the upside, though, above 1.5851 minor resistance will turn bias back to the upside for 1.6168 instead.
In the bigger picture, medium term outlook is neutral for the moment. Rise from 1.5354 is seen as the third leg of the corrective pattern from 1.5250 low. Further rise cannot be ruled out, but even in that case, strong resistance should be seen at 38.2% retracement of 1.9799 to 1.5250 at 1.6988. Larger down trend from 1.9799 is in favor to extend through 1.5250 at a later stage.
