Daily Pivots: (S1) 1.5628; (P) 1.5694; (R1) 1.5739; More….
Intraday bias in EUR/AUD remains neutral first with focus on 1.5643 minor support. Break there will indicate completion of the corrective rise from 1.5519. Intraday bias will turn back to the downside for retesting 1.5519 low first. On the upside, above 1.5781 would extend the corrective rise to 38.2% retracement of 1.6357 to 1.5519 at 1.5839 and possibly above. But upside should be limited well below 1.5984 support turned resistance to bring fall resumption.
In the bigger picture, current development argues that up trend from 1.3624 (2017 low) is possibly completed at 1.6357, ahead of 1.6587 (2015 high). This is supported by bearish divergence condition in weekly MACD. Deeper decline is now in favor to 1.5271 cluster support (38.2% retracement of 1.3624 to 1.6357 at 1.5313). Break will target 61.8% retracement at 1.4668. On the upside, break of 1.5984 support turned resistance is now needed to revive the prior medium term up trend. Otherwise, further decline will be in favor even in case of strong interim rebound.
