Daily Pivots: (S1) 1.5450; (P) 1.5475; (R1) 1.5516; More…
Intraday bias in EUR/AUD remains neutral first. Below 1.5423 will resume the decline from 1.5672 to retest 1.5250 low. On the upside, break of 1.5672 will extend the pattern from 1.5250 with another rising leg. But even in that case, upside should be limited by 38.2% retracement of 1.6827 to 1.5250 at 1.5852. Overall, down trend from 1.9799 is expected to resume after consolidation from 1.5250 completes.
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.
