Daily Pivots: (S1) 1.5650; (P) 1.5676; (R1) 1.5719; More….
EUR/AUD’s break of 1.5643 minor support suggests the corrective recovery from 1.5519 has completed at 1.5781 already. Intraday bias is back on the downside for retesting 1.5519 low first. Firm break there will resume whole fall from 1.6357 to 1.5271/5313 cluster support zone next. In case of another rise as consolidation from 1.5519 extends, upside should be limited by 38.2% retracement of 1.6357 to 1.5519 at 1.5839 to bring fall resumption eventually.
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.
