Daily Pivots: (S1) 1.4679; (P) 1.4747; (R1) 1.4802; More…
Intraday bias in EUR/AU remains neutral first and outlook stays bearish with 1.5327 resistance intact. On the downside, firm break of 1.4533 will resume larger down trend. Next target is 1.3624 long term support. On the upside, above 1.4940 minor resistance will extend the corrective pattern from 1.4561 with another rise.
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.
