Daily Pivots: (S1) 1.5193; (P) 1.5269; (R1) 1.5339; More…
Intraday bias in EUR/AUD is turned neutral with current retreat. Focus stays on 1.5354 support turned resistance. Sustained break there will indicate medium term bottoming at 1.4318. Stronger rally would be seen back to 100% projection of 1.4318 to 1.5277 from 1.4759 at 1.5718. On the downside, however, break of 1.5083 minor support will turn bias back to the downside for 1.4759 support 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.
