Daily Pivots: (S1) 1.4626; (P) 1.4716; (R1) 1.4769; More…
Intraday bias in EUR/AUD remains on the downside for the moment. Fall from 1.5327 is still in progress to retest 1.4561 low. Firm break there will resume larger down trend from 1.9799. On the upside, however, break of 1.4986 minor resistance will turn bias back to the upside, and extend the pattern from 1.4561 will another rising leg.
In the bigger picture, fall from 1.9799 is seen as a long term impulsive move. Next target is 61.8% projection of 1.9799 to 1.5250 from 1.6434 at 1.3623, which is close to 1.3624 long term support (2017 low). Some support could be seen there to bring interim rebound. But overall, break of 1.5354 support turned resistance is needed to be the first sign of medium term bottoming. Otherwise, outlook will stay bearish in case of recovery.
