Daily Pivots: (S1) 1.4386; (P) 1.4464; (R1) 1.4587; More…
A temporary low is formed at 1.4318 in EUR/AUD with current recovery, and intraday bias is turned neutral first. Outlook stays bearish as long as 1.4940 resistance holds. Break of 1.4318 will resume larger down trend to 1.3624 long term support next. On the upside, however, firm break of 1.4940 will indicate short term bottoming and turn bias back to the upside for 1.5327 resistance instead.
In the bigger picture, fall from 1.9799 is seen as a long term impulsive move. Next target is 61.8% projection of 1.9799 to 1.5250 from 1.6434 at 1.3623, which is close to 1.3624 long term support (2017 low). Some support could be seen there to bring interim rebound. But overall, break of 1.5354 support turned resistance is needed to be the first sign of medium term bottoming. Otherwise, outlook will stay bearish in case of recovery.
