Daily Pivots: (S1) 1.5667; (P) 1.5727; (R1) 1.5838; More…
EUR/AUD rebounded strongly after hitting 1.5614 and intraday bias is turned neutral first. On the downside, break of 1.5614 will revive the case of rejection by 38.2% retracement of 1.6827 to 1.5250 at 1.5852. Deeper fall would be seen back to 1.5418 support first. Break there should confirm completion of consolidation pattern from 1.5250, and bring retest of this low.
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. However, firm break of 1.6033 will argue that such decline has completed, and turn focus to 1.6827 structural resistance for confirmation.
