Daily Pivots: (S1) 1.4676; (P) 1.4722; (R1) 1.4792; More…
Further decline is expected in EUR/AUD as long as 1.4910 minor resistance holds. As noted before, corrective rise from 1.4318 should have completed at 1.5396, after rejection by 1.5354 support turned resistance. Deeper fall should be seen to retest 1.4318 low first. On the upside, above 1.4910 minor resistance will dampen this bearish view, and turn bias back to the upside for stronger rebound.
In the bigger picture, rejection by 1.5354 support turned resistance, as well as 55 week EMA (now at 1.5378), maintain medium term bearishness. That is, larger down trend from 1.9799 is not completed yet. Break of 1.4318 low will target 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). This will remain the favored case now as long as 1.5396 resistance holds.
