Daily Pivots: (S1) 1.4774; (P) 1.4894; (R1) 1.4963; More…
EUR/AUD’s sharp fall and break of 1.4824 support dampens our bullish view and argues that rebound from 1.4421 has completed at 1.5019 already. Intraday bias is turned back to the downside for 1.4564 support first. The corrective pattern from 1.5226 could have another take on 50% retracement of 1.3624 to 1.5226 at 1.4427 before completion. On the upside, above 1.4874 minor resistance will turn intraday bias neutral first.
In the bigger picture, we’re holding on to the view that corrective decline from 1.6587 medium term has completed at 1.3624. Rise from 1.3624 is expected to extend to retest 1.6587. The corrective structure of the fall from 1.5226 is affirming this view. Above 1.5226 will target a test on 1.6587 key resistance. However, another decline will dampen our view and would drag EUR/AUD lower to retest key support zone around 1.3624.
