Daily Pivots: (S1) 1.5850; (P) 1.5922; (R1) 1.5962; More…
EUR/AUD’s fall from 1.6434 resumed and hit as low as 1.5853 so far. The break of 1.5898 structural support argues that larger rise from 1.5250 has completed at 1.6434 already. Intraday bias is now on the downside for 100% projection of 1.6434 to 1.5907 from 1.6232 at 1.5705 next. On the upside, above 1.6000 minor resistance will turn intraday bias neutral first. But near term outlook will now remain mildly bearish as long as 1.6232 resistance holds, in case of recovery.
In the bigger picture, rise from 1.5250 medium term bottom is seen as a correction to the down trend from 1.9799 (2020 high) only. With 38.2% retracement of 1.9799 to 1.5250 at 1.6988 intact, such down trend is expected to resume at a later stage. Firm break of 1.5250 will target 61.8% retracement of 1.1602 (2012 low) to 1.9799 at 1.4733. In any case, sustained break of 1.6988 fibonacci level is needed to indicate long term reversal.
