Daily Pivots: (S1) 1.5907; (P) 1.6015; (R1) 1.6074; More….
EUR/AUD recovered quickly after breaching 1.5984 support. Intraday bias stays neutral first. On the upside, break of 1.6152 will suggest the choppy decline from 1.6357 has completed. Intraday bias will be turned back to the upside for retesting 1.6357 first. However, on the downside, decisive break of 1.5984 will be an early sign of trend reversal and turn outlook bearish.
In the bigger picture, up trend from 1.3624 (2017 low) is still in progress. Further rise should be seen to retest 1.6587 (2015 high). Decisive break there will resume the long term rally and target 1.7488 fibonacci level. On the downside, break of 1.5984 support is need to be the first sign of medium term reversal. Otherwise, outlook will remain bullish in case of deep pull back. However, sustained break of 1.5984 will be an early sign of trend reversal and turn focus to 1.5601 support for confirmation.
