Daily Pivots: (S1) 1.6620; (P) 1.6661; (R1) 1.6687; More

EUR/AUD’s decline from 1.9799 resumes today with a break on 1.6597 cluster support zone. The development suggests that larger down trend might be resuming. Intraday bias is now on the downside for 1.6085 support next. On the upside, break of 1.6763 resistance is needed to indicate short term bottoming. Otherwise, near term outlook will remain cautiously bearish in case of recovery.

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In the bigger picture, focus stays on 1.6597 key cluster support, (2015 high and 38.2% retracement of 1.1602 to 1.9799 at 1.6668, 55 week EMA (now at 1.6548). Strong rebound from current level will retain medium term bullishness. Larger up trend from 1.1602 (2012 low) would extend through 1.9799 high. However, sustained break of 1.6597 will suggest bearish reversal and target 61.8% retracement at 1.4733.

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