Daily Pivots: (S1) 1.5770; (P) 1.5884; (R1) 1.5945; More….
EUR/AUD drops further to as low as 1.5742 so far today and intraday bias remains on the downside for 1.5601 support. Break there will pave the way to 1.5271/5313 cluster support zone next. On the upside, above 1.5890 minor resistance will turn intraday bias neutral and bring consolidations first, before staging another decline.
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.
