Daily Pivots: (S1) 1.5759; (P) 1.5798; (R1) 1.5831; More…
EUR/AUD’s break of 1.5760 minor support suggests that corrective recovery from 1.5991 has completed at 1.5945. Rejection by channel resistance keeps near term outlook bearish. Intraday bias is back on the downside for retesting 1.5591. Firm break there will resume larger down trend from 1.9799.
In the bigger picture, current development suggests that price actions from 1.9799 is developing into a deep correction, to long term up trend from 1.1602 (2012 low). Deeper fall would be seen to 61.8% retracement of 1.1602 to 1.9799 at 1.4733. Medium term outlook will remain bearish as long as 1.6827 resistance holds, even in case of strong rebound.
