Daily Pivots: (S1) 1.5035; (P) 1.5141; (R1) 1.5208; More…
EUR/AUD drops to as low as 1.4987 so far today and there is no sign of bottoming yet. Current decline is part for the down trend from 1.9799. Intraday bias stays on the downside for 161.8% projection of 1.6343 to 1.5354 from 1.6223 at 1.4476. On the upside, above 1.5243 minor resistance will turn intraday bias neutral and bring consolidations, before staging another fall.
In the bigger picture, down trend from 1.9799 (2020 high) in in progress for 61.8% retracement of 1.1602 (2012 low) to 1.9799 at 1.4733 and below. But we’d tentatively look for bottoming sign above 1.3624 long term support, for an interim rebound. However, break of 1.5354 support turned resistance is now needed to be the first sign of medium term bottoming. Otherwise, outlook will stay bearish in case of rebound.
