Daily Pivots: (S1) 1.6559; (P) 1.6588; (R1) 1.6639; More…
Intraday bias in EUR/AUD remains neutral for consolidation above 1.6452 temporary low. But further decline is in favor as long as 1.6793 resistance holds. Fall from 1.7062 is seen as a larger scale correction. Below 1.6452 will target 1.6000 fibonacci level.
In the bigger picture, current development argues that fall from 1.7062 is probably correcting whole up trend from 1.4281. Deeper decline would be seen to 38.2% retracement of 1.4281 to 1.7062 at 1.6000. Strong support should be seen there to bring rebound, at least on first attempt.
