Daily Pivots: (S1) 1.5663; (P) 1.5761; (R1) 1.5823; More…
Intraday bias EUR/AUD remains on the downside as fall 1.6434 is still in progress. Firm break of 100% projection of 1.6434 to 1.5907 from 1.6232 at 1.5705 will pave the way to 161.8% projection at 1.5379. On the upside, above 1.5856 minor resistance will turn bias neutral and bring consolidations. 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.
