Daily Pivots: (S1) 1.5447; (P) 1.5552; (R1) 1.5616; More…
EUR/AUD’s break of 1.5526 suggests that rebound from 1.5268 has completed at 1.5672 already. Intraday bias is back on the downside for 1.5355 support first, and then retesting 1.5250 low. On the upside, above 1.5672 will bring another rebound. But upside should be limited by 38.2% retracement of 1.6827 to 1.5250 at 1.5852 to bring larger down trend resumption.
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.
