Daily Pivots: (S1) 1.6532; (P) 1.6569; (R1) 1.6590; More…
EUR/AUD’s decline accelerates lower and break of 1.6485 support now argues that corrective rise from 1.6033 might have completed. Intraday bias is back on the downside for 1.6337 support first. Break will bring retest of 1.6033 low. On the upside, above 1.6606 minor resistance will turn bias back to the upside for 1.6827 resistance instead.
In the bigger picture, EUR/AUD is now back above 55 day EMA (now at 1.6463) with current rebound. The development argues that price actions form 1.9799 might be developing into a sideway pattern only. That is, medium term outlook is just neutral, and up trend from 1.1602 (2012 low) could resume at a later stage. On the downside, though, sustained trading below 55 week EMA would revive medium term bearishness for 61.8% retracement of 1.1602 to 1.9799 at 1.4733.
