Daily Pivots: (S1) 1.5957; (P) 1.5997; (R1) 1.6035; More….
EUR/AUD’s strong break of 1.5984 support is now taken as a early sign of trend reversal. Intraday bias is now on the downside for 1.5601 support next. On the upside, above 1.6035 minor resistance will turn intraday bias neutral and bring consolidation, before staging another fall.
In the bigger picture, current development argues that up trend from 1.3624 (2017 low) is possibly completed at 1.6357, ahead of 1.6587 (2015 high). Deeper decline is now in favor to 1.5271 cluster support (38.2% retracement of 1.3624 to 1.6357 at 1.5313). Break will target 61.8% retracement at 1.4668. On the upside, break of 1.6357 is needed to confirm up trend resumption. Otherwise, risk will now stay on the downside even in case of strong rebound.
