Daily Pivots: (S1) 1.6258; (P) 1.6483; (R1) 1.6602; More…
EUR/AUD’s decline from 1.9799 resumes by taking out 1.6453. Intraday bias is back on the downside. Current development argues that medium term trend could have reversed. Next down side target is 1.6085 support first. On the upside, break of 1.6772 resistance is needed to indicate short term bottoming. Otherwise, outlook will remain bearish in case of recovery.
In the bigger picture, the firm break of 1.6597 key cluster support, (2015 high and 38.2% retracement of 1.1602 to 1.9799 at 1.6668, 55 week EMA (now at 1.6553) suggests that whole up trend from 1.1602 (2012 low) might have completed. Deeper fall would now be seen to 61.8% retracement at 1.4733. This week remain the preferred case now as long as 1.7194 resistance holds.
