Daily Pivots: (S1) 1.5348; (P) 1.5395; (R1) 1.5439; More….
EUR/AUD recovers today and breaks of 1.5454 minor resistance suggests temporary bottoming at 1.5314. Intraday bias is turned neutral for consolidation. But upside of recovery should b limited by 38.2% retracement of 1.6139 to 1.5314 at 1.5269 to bring fall resumption. Below 1.5314 will resume the decline from 1.6189 and target 1.5153 key support level next.
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.
