Daily Pivots: (S1) 1.5530; (P) 1.5566; (R1) 1.5604; More…
EUR/AUD’s break of 1.5606 resistance turn intraday bias to the upside. It’s now in the third leg of the corrective pattern from 1.5250. Further rise would be seen to 1.5689 resistance first. break will target 38.2% retracement of 1.6827 to 1.5250 at 1.5852. On the downside, below 1.5526 minor support will turn intraday bias neutral again.
In the bigger picture, price actions from 1.9799 are 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 1.6033 support turned resistance holds, even in case of strong rebound.
