Daily Pivots: (S1) 1.5430; (P) 1.5507; (R1) 1.5551; More….
EUR/AUD’s decline accelerates to as low as 1.5397 so far and intraday bias stays on the downside. Current fall from 1.6357 should target 1.5271/5313 cluster support zone next. On the upside, above 1.5505 minor resistance will turn intraday bias neutral and bring consolidation. But recovery should be limited below 1.5781 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. This will remain the favored case as long as 1.5781 resistance holds.
