Daily Pivots: (S1) 1.5397; (P) 1.5443; (R1) 1.5482; More….
EUR/AUD extends to as low as 1.5370 so far today and intraday bias remains on the downside. Current decline from 1.6189 is expected to target 1.5153 key support level next. On the upside, above 1.5494 minor resistance will turn intraday bias neutral and bring consolidation, before staging another decline.
In the bigger picture, rally from 1.3624 (2017 low) should have completed at 1.6189 already, ahead of 1.6587 key resistance (2015 high). 1.6189 is seen as a medium term top. Deeper fall would be seen to 38.2% retracement of 1.3624 to 1.6189 at 1.5209 first. Decisive break there will pave the way to 61.8% retracement at 1.4604. In that case, we’ll look for bottoming again below 1.4604. On the upside, firm break of 1.5773 support turned resistance is needed to indicate completion of the fall from 1.6189. Otherwise, further decline is expected in medium term, even in case of strong rebound.
