Daily Pivots: (S1) 1.4596; (P) 1.4662; (R1) 1.4769; More…
EUR/AUD’s rebound from 1.3418 extends higher today but stays well below 1.4940 resistance. Intraday bias remains neutral and outlook stays bearish too. On the downside, below 1.4548 support will bring retest of 1.4318 low. Decisive break there will resume larger down trend to 1.3624 long term support next. On the upside, however, firm break of 1.4940 will indicate short term bottoming and turn bias back to the upside for 1.5327 resistance instead.
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.
