Daily Pivots: (S1) 1.4912; (P) 1.4986; (R1) 1.5083; More…
Intraday bias in EUR/AUD stays mildly on the downside for 1.4597 support. Corrective rise from 1.4318 could have completed with three waves up to 1.5277. Rejection by 1.5354 support turned resistance retains near term bearishness. Break of 1.4597 will bring retest of 1.4318 low next.
In the bigger picture, as long as 1.5354 support turned resistance holds, larger down trend form 1.9799 (2020 high) is still expected to continue. On resumption, 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). However, firm break of 1.5354 will indicate medium term bottoming and bring stronger rally back to 1.6434 key resistance.
