Daily Pivots: (S1) 1.4237; (P) 1.4337; (R1) 1.4390; More…
Intraday bias in EUR/AUD stays on the downside for the moment. Sustained trading below 1.4318 support will confirm resumption of larger down trend. Next target is medium term projection level at 1.3623. On the upside, break of 1.4712 resistance will delay the bearish case and turn bias to the upside for stronger rebound first.
In the bigger picture, down trend from 1.9799 is still in progress. 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.
