Daily Pivots: (S1) 1.5219; (P) 1.5880; (R1) 1.6583; More…
EUR/AUD’s firm break of 1.6033 support confirms resumption of whole decline from 1.9799. Intraday bias is back on the downside. Next near term target is 100% projection of 1.6827 to 1.6122 from 1.6420 at 1.5715. On the upside, break of 1.6022 minor resistance will turn intraday bias neutral and bring consolidations first.
In the bigger picture, current development suggests that price actions from 1.9799 is developing into a deep correction, to long term up trend from 1.1602 (2012 low). Deeper fall would be seen to 61.8% retracement of 1.1602 to 1.9799 at 1.4733. Medium term outlook will remain bearish as long as 1.6827 resistance holds, even in case of strong rebound.
