Daily Pivots: (S1) 1.5749; (P) 1.5814; (R1) 1.5859; More…
EUR/AUD’s decline is still in progress and intraday bias remains on the downside. Current down trend should target 100% projection of 1.6827 to 1.6122 from 1.6420 at 1.5715. Break will target 161.8% projection at 1.5279 next. On the downside, above 1.6027 minor resistance will turn bias back to the upside for stronger rebound.
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.
