Daily Pivots: (S1) 1.5383; (P) 1.5402; (R1) 1.5430; More…
Immediate focus is now on near term channel resistance (now at 1.5482) in EUR/AUD. Sustained break there will confirm short indicate short term bottoming at 1.5250. Price actions from there would develop into a correction to the fall from 1.6827. Stronger rebound would be seen to 1.5689 resistance, and possibly further to 38.2% retracement of 1.6827 to 1.5250 at 1.5852. Nevertheless, rejection by the channel resistance will retain near term bearishness for another fall through 1.5250 later.
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 1.6033 support turned resistance holds, even in case of strong rebound.
