Daily Pivots: (S1) 1.6182; (P) 1.6258; (R1) 1.6311; More…
Consolidation from 1.6144 is still in progress and intraday bias remains neutral in EUR/AUD. Further fall is expected with 1.6374 resistance intact. On the downside, break of 1.6144 will target retest of 1.6033 low first. Decisive break there will resume larger down trend from 1.9799. On the upside, break of 1.6374 resistance will turn bias to the upside, and extend the consolidation pattern from 1.6033 with another rising leg.
In the bigger picture, current development suggests that price actions form 1.9799 might be developing into a sideway pattern only. That is, medium term outlook is just neutral, and up trend from 1.1602 (2012 low) could resume at a later stage. On the downside, though, sustained trading below 55 week EMA (now at 1.6459) would revive medium term bearishness for 61.8% retracement of 1.1602 to 1.9799 at 1.4733.
