Daily Pivots: (S1) 1.7048; (P) 1.7171; (R1) 1.7240; More…
EUR/AUD’s fall from 1.9799 resumed by taking out 1.7003 temporary low. Intraday bias is back on the downside for 1.6597 key support next. Sustained break there will carry larger bearish implications. on the upside, break of 1.7321 minor resistance will indicate short term bottoming and turn bias back to the upside for rebound.
In the bigger picture, up trend from 1.1602 (2012 low) is in progress and further rally would be seen to 2.1127 (2008 high) and possibly to 161.8% projection of 1.1602 to 1.6597 from 1.3524 at 2.1706. On the downside, for now, touching of 1.6597 resistance turned support (2015 high) is needed to indicate medium term reversal. Otherwise, outlook will stay bullish even in case of deep pull back. However, sustained break 1.6597 will raise the chance of long term trend reversal and turn focus back to 1.3624 support.
