Daily Pivots: (S1) 1.5618; (P) 1.5652; (R1) 1.5705; More…
EUR/AUD recovered just ahead of 1.5591 support and intraday bias stays neutral for more consolidations. Upside of recovery should be limited by 1.5830 resistance to bring another decline. Break of 1.5591 will target 161.8% projection of 1.6827 to 1.6144 from 1.6420 at 1.5315 next. Though, break of 1.5830 will indicate short term bottoming and turn bias back to the upside for stronger rebound, towards channel resistance (now at 1.5957).
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.
