Daily Pivots: (S1) 1.5698; (P) 1.5749; (R1) 1.5791; More…
Intraday bias in EUR/AUD remains mildly on the downside for 1.5591 low. Outlook stays bearish as the cross is bounded well inside near term falling channel. Break of 1.5591 will resume larger down trend to 61.8% projection of 1.6409 to 1.5591 from 1.5945 at 1.5439. On the upside, however, break of 1.5945 resistance will resume the rebound from 1.5591 instead.
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.
