Daily Pivots: (S1) 1.4716; (P) 1.4801; (R1) 1.4872; More…
Intraday bias in EUR/AUD remains neutral for the moment. On the downside, below 1.4687 minor support will argue that rebound from 1.4318 has completed at 1.5053 already. Intraday bias will be back on the downside for retesting 1.4318 low. On the upside, break of 1.5053 will target 61.8% retracement of 1.6223 to 1.4318 at 1.5495.
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.
