Daily Pivots: (S1) 1.6269; (P) 1.6423; (R1) 1.6508; More…
EUR/AUD dropped sharply to 1.6298 but recovered since then. Intraday bias is neutral first. Further fall is mildly in favor as long as 1.6686 resistance holds. Below 1.6298 will target a test on 1.6033 low. On the upside, though, break of 1.6686 will likely resume the corrective rebound from 1.6033 through 1.6827 resistance.
In the bigger picture, current development suggests 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 (now at 1.6463) would revive medium term bearishness for 61.8% retracement of 1.1602 to 1.9799 at 1.4733.
