Daily Pivots: (S1) 1.6003; (P) 1.6048; (R1) 1.6088; More…
Intraday bias in EUR/AUD remains on the downside as fall from 1.6434 is in progress for 1.5898 support. Sustained break there will argue that choppy rise from 1.5250 has completed already. Outlook will be turned bearish for retesting 1.5250 low. On the upside, however, above 1.6171 resistance will revive near term bullishness, and turn bias back to the upside for retesting 1.6434 high instead.
In the bigger picture, rise from 1.5250 medium term bottom is currently seen as a correction to the down trend from 1.9799 first. Stronger rise would be seen to 38.2% retracement of 1.9799 to 1.5250 at 1.6988 next. We’d tentatively expect strong resistance from there to limit upside, at least on first attempt. Meanwhile, break of 1.5898 support will indicate that the rebound has completed and bring retest of 1.5250 low.
