Daily Pivots: (S1) 1.5712; (P) 1.5769; (R1) 1.5863; More…
EUR/AUD’s rebound from 1.5591 extends higher today and focus is now on channel resistance (now at 1.5929). Sustained break there will argue that whole fall from 1.6827 has completed. Stronger rebound would then be seen to 1.6144 support turned resistance next. Though, rejection by the channel resistance will retain near term bearishness, for another fall through 1.5591 in a later stage.
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.
