Daily Pivots: (S1) 1.5448; (P) 1.5497; (R1) 1.5591; More…
The strong break of near term channel resistance suggests that EUR/AUD is already correcting the decline from 1.6827. Intraday bias is now on the upside for 1.5689 resistance first. Break there will target 38.2% retracement of 1.6827 to 1.5250 at 1.5852.
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.
