Daily Pivots: (S1) 1.5586; (P) 1.5627; (R1) 1.5681; More….
EUR/AUD formed a temporary low at 1.5575 and recovered. Intraday bias is turned neutral first. Stronger recovery might be seen to 4 hour 55 EMA (now at 1.5741. But upside should be limited by 38.2% retracement of 1.6357 to 1.5575 at 1.5874) to bring fall resumption. On the downside, below 1.5575 will target 1.5271/5313 cluster support zone next.
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). This is supported by bearish divergence condition in weekly MACD. 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 1.5984 support turned resistance is now needed to revive the prior medium term up trend. Otherwise, further decline will be in favor even in case of interim rebound.
