Daily Pivots: (S1) 1.5591; (P) 1.5637; (R1) 1.5661; More…
EUR/AUD drops further to 1.5584 so far today. Break of 1.5591 low indicates resumption of down trend from 1.9799. Intraday bias stays on the downside for 61.8% projection of 1.6409 to 1.5591 from 1.5945 at 1.5439. On the upside, above 1.5706 minor resistance will delay the bearish case, and extend the consolidation from 1.5591 with another rise.
In the bigger picture, price actions from 1.9799 are 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.
