Daily Pivots: (S1) 1.4567; (P) 1.4632; (R1) 1.4729; More…
EUR/AUD’s break of 1.4804 minor resistance argues that fall from 1.5327 is completed at 1.4533 already. Intraday bias is back on the upside for 1.5327 resistance. For now, such rise is seen as the third leg of the corrective pattern from 1.4561. As long as 1.5327 resistance holds, larger down trend is still expected to continue through 1.4533 at a later stage.
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 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.
