Daily Pivots: (S1) 1.4854; (P) 1.4954; (R1) 1.5017; More…
EUR/AUD retreats after hitting 38.2% retracement of 1.6223 to 1.4318 at 1.5046. Intraday bias remains is turned neutral first, and further rise is in favor with 1.4687 support intact. On the upside, break of 1.5053 will target 61.8% retracement at 1.5495. On the downside, below 1.4687 minor support will turn bias back to the downside for retesting 1.4318 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.
