Daily Pivots: (S1) 1.4948; (P) 1.4992; (R1) 1.5057; More…
EUR/AUD’s sharp decline and break of 1.4796 support suggests that corrective rebound from 1.4625 has completed at 1.5073 already. Intraday bias is turned back to the downside for 1.4625 support next. Break there will extend the whole corrective decline from 1.5526 and target 100% projection of 1.5226 to 1.4625 from 1.4472. On the upside, above 1.4894 minor resistance will turn intraday bias neutral again.
In the bigger picture, price actions from 1.6587 medium term top are viewed as a corrective pattern. Such correction should be completed at 1.3624 after defending 1.3671 key support. Rise from 1.3642 would extend to 61.8% retracement of 1.6587 to 1.3624 at 1.5455. Sustained break there will pave the way to retest 1.6587. However, sustained break of 1.4625 support will dampen this bullish view. In that case, we’ll assess the outlook later after looking at the structure and depth of the pull back.
