Daily Pivots: (S1) 1.6594; (P) 1.6709; (R1) 1.6776; More…
EUR/AUD’s decline from 1.9799 is still in progress and intraday bias remains on the downside. Focus stays on 1.6597 key support level. Firm break there will carry larger bearish implications and target 1.6085 support next. Though, rebound from current level would retain medium term bullishness. Break of 1.7321 resistance will indicate short term bottoming and turn bias back to the upside.
In the bigger picture, while the pull back from 1.9799 is deep, there is no clear sign of trend reversal yet. EUR/AUD is still holding on to 1.6597 (2015 high) cluster support, with 38.2% retracement of 1.1602 to 1.9799 at 1.6668. Larger rise from 1.1602 (2012 low) is in progress and would resume at a later stage. However, sustained break of 1.6597 suggest bearish reversal.
