Daily Pivots: (S1) 1.5979; (P) 1.6007; (R1) 1.6041; More…
A temporary low is in place at 1.5945 and intraday bias in EUR/AUD is turned neutral first. Upside of recovery should be limited below 1.6231 resistance to bring another decline. Current fall from 1.6448 is seen as the third leg of the consolidation pattern from 1.6765 high. Break of 1.5945 will target 1.5683 support and below.
In the bigger picture, as long as 1.5346 support holds, outlook will still remain bullish. Up trend 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 and turn outlook bearish.
