Daily Pivots: (S1) 1.5710; (P) 1.5754; (R1) 1.5803; More…
EUR/AUD’s strong rally and break of 1.5877 resistance suggests resumption of whole choppy rise from 1.5025 low. Intraday bias is back on the upside for 1.6033 resistance turned support next. On the downside, break of 1.5614 resistance support is needed to indicate short term topping. Otherwise, further rise will remain in favor in case of retreat.
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. However, firm break of 1.6033 will argue that such decline has completed, and turn focus to 1.6827 structural resistance for confirmation.
