Daily Pivots: (S1) 1.6484; (P) 1.6518; (R1) 1.6542; More…
Range trading continues in EUR/AUD and intraday bias remains neutral. After all, as long as 1.6772 resistance holds, further decline is expected. On the downside, firm break of 1.6033 will resume the decline from 1.9799 for next support level at 1.5346. On the upside, however, break of 1.6772 resistance will confirm short term bottoming and turn bias back to the upside for stronger rebound.
In the bigger picture, whole up trend from 1.1602 (2012 low) might have completed at 1.9799. Deeper fall could be seen to 61.8% retracement of 1.1602 to 1.9799 at 1.4733. This will remain the preferred case now as long as 1.7194 resistance holds.
