EUR/AUD Daily Outlook

Daily Pivots: (S1) 1.5319; (P) 1.5399; (R1) 1.5545; More…

Intraday bias in EUR/AUD is turned neutral for some consolidations first. While stronger rebound cannot be ruled out, outlook will stay bearish as long as 1.5945 resistance holds. Break of 1.5250 will resume the larger down trend from 1.9799.

In the bigger picture, price actions from 1.9799 are developing into a deep correction, to long term up trend from 1.1602 (2012 low). Deeper fall would be seen to 61.8% retracement of 1.1602 to 1.9799 at 1.4733. Medium term outlook will remain bearish as long as 1.6033 support turned resistance holds, even in case of strong rebound.