Daily Pivots: (S1) 1.6124; (P) 1.6226; (R1) 1.6383; More

Intraday bias in EUR/AUD remains neutral and consolidation from 1.6033 is still extending. Outlook stays bearish with 1.6772 resistance intact, and further fall is expected. On the downside, break of 1.6033 will extend the fall from 1.9799 to next support level at 1.5346. However, break of 1.6772 will indicate short term bottoming and turn bias to the upside for rebound.

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In the bigger picture, the firm break of 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 1.6553) suggests that whole up trend from 1.1602 (2012 low) might have completed. Deeper fall would now be seen to 61.8% retracement at 1.4733. This week remain the preferred case now as long as 1.7194 resistance holds.


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