Daily Pivots: (S1) 1.6509; (P) 1.6563; (R1) 1.6602; More…
Intraday bias in EUR/AUD remains neutral as consolidation form 1.6452 is still extending. Further decline is expected with 1.6793 resistance intact. 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.
