Daily Pivots: (S1) 1.5537; (P) 1.5629; (R1) 1.5680; More…
Intraday bias in EUR/AUD remains neutral first. Further fall is expected as long as 1.5898 resistance holds. On the downside, break of 1.5559 will resume the fall from 1.6168 to retest 1.5354 low. However, break of 1.5898 will turn bias back to the upside for 1.6168 resistance instead.
In the bigger picture, medium term outlook remains 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.
