Daily Pivots: (S1) 1.4816; (P) 1.4866; (R1) 1.4912; More…
Intraday bias in EUR/AUD is back on the downside as fall from 1.5277 is resuming. Deeper decline should be seen to 1.4597 support. Firm break there should confirm that rebound from 1.4318 has completed at 1.5277. Next target is a retest on 1.4318 low. However, on the upside, break of 1.4965 will dampen this bearish view and turn bias back to the upside for 1.5277 resistance instead.
In the bigger picture, as long as 1.5354 support turned resistance holds, larger down trend from 1.9799 (2020 high) is still expected to continue. On resumption, 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). However, firm break of 1.5354 will indicate medium term bottoming and bring stronger rally back to 1.6434 key resistance.
