Daily Pivots: (S1) 1.5690; (P) 1.5733; (R1) 1.5783; More…
Intraday bias in EUR/AUD remains on the downside at this point. The decline from 1.6765 has resumed this week. Further fall should be seen to 61.8% projection of 1.6765 to 1.5721 from 1.6122 at 1.5477. On the upside, break of 1.5853 resistance is needed to indicate short term bottoming. Otherwise, near term outlook will stay bearish in case of recovery.
In the bigger picture, as long as 1.5346 support holds, outlook will still remain bullish. Uptrend from 1.1602 (2012 low) is expected to resume sooner or later. Break of 1.6765 will target 61.8% retracement of 2.1127 (2008 high) to 1.1602 at 1.7488 next. However, firm break of 1.5346 key support will indicate trend reversal, with bearish divergence condition in weekly MACD, and turn outlook bearish.
