Daily Pivots: (S1) 1.6482; (P) 1.6538; (R1) 1.6614; More…
EUR/AUD failed to break through 1.6586 resistance decisively and retreated. Intraday bias remains neutral first. On the upside, decisive break of 1.6586 will argue that whole fall from 1.9799 has completed at 1.6033. Stronger rebound would then be seen back to 38.2% retracement of 1.9799 to 1.6033 at 1.7472. Though, rejection by 1.6586 will maintain near term bearishness for another fall through 1.6033 later.
In the bigger picture, whole up trend from 1.1602 (2012 low) might have completed at 1.9799. Deeper fall could be seen to 55 month EMA (now at 1.5803). Sustained break there will pave the way to 61.8% retracement of 1.1602 to 1.9799 at 1.4733. However, strong support from 55 week EMA (now at 1.6458) would neutralize the long term bearishness and argues that price actions from 1.9799 are developing into a sideway range pattern instead.
