Daily Pivots: (S1) 1.5792; (P) 1.5850; (R1) 1.5898; More…
Intraday bias in EUR/AUD is turned neutral again as recovery from 1.5761 quickly lost momentum. On the upside, break of 1.6168will resume the rise from 1.5354 to 1.6434 resistance. On the downside, though, break of 1.5716 will revive the case that rebound from 1.5354 has completed, and bring retest of this support.
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.
