Daily Pivots: (S1) 1.4845; (P) 1.4999; (R1) 1.5086; More…
Intraday bias in EUR/AUD remains neutral and outlook is unchanged. Further decline is still expected as long as 1.5354 support turned resistance holds. On the downside, break of 1.4561 will resume larger down trend to 161.8% projection of 1.6343 to 1.5354 from 1.6223 at 1.4476. Sustained break there will pave the way to 1.3624 long term target zone. However, sustained break of 1.5354 will bring further rise back towards 1.6623 resistance.
In the bigger picture, fall from 1.9799 is seen as a long term impulsive move. Next target is 61.8% projection of 1.9799 to 61.8% projection of 1.9799 to 1.5250 from 1.6434 at 1.3623, which is close to 1.3624 long term support (2017 low). Some support could be seen there to bring interim rebound. But overall, break of 1.5354 support turned resistance is needed to be the first sign of medium term bottoming. Otherwise, outlook will stay bearish in case of recovery.
