Daily Pivots: (S1) 1.5206; (P) 1.5258; (R1) 1.5286; More….
EUR/AUD’s decline from 1.5770 extends to as low as 1.5153 so far. The break of 1.5226 resistance turned support is seen as a sign of larger reversal. That is, rise from 1.3624 could be completed at 1.5770 on bearish divergence condition in daily MACD. Intraday bias is now on the downside for 1.4949 cluster support (38.2% retracement of 1.3624 to 1.5770 at 1.4950). On the upside, above 1.5311 minor resistance will turn intraday bias neutral and bring consolidations first.
In the bigger picture, current development argues that the corrective pattern from 1.6587 medium term top (2015 high) is still in progress. And fall from 1.5770 could be the another leg. Sustained trading below 55 week EMA (now at 1.4950) will likely bring retest of 1.3624 support. But overall, there is still prospect of another medium term rally as long as 61.8% retracement of 1.1602 to 1.6587 at 1.3506 holds.
