Daily Pivots: (S1) 1.4460; (P) 1.4611; (R1) 1.4691; More…
EUR/AUD’s strong break of 1.4533 support confirms resumption of larger down trend. Intraday bias is back on the downside for 1.3624 long term support next. On the upside, break of 1.4940 resistance is now needed to indicate short term bottoming. Otherwise, outlook will remain bearish in case of recovery.
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.
