Daily Pivots: (S1) 1.5576; (P) 1.5622; (R1) 1.5651; More…
EUR/AUD is staying in consolidation from 1.5250 and intraday bias remains neutral first. In case of another rise, 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.
