Daily Pivots: (S1) 1.5514; (P) 1.5603; (R1) 1.5760; More

EUR/AUD’s recovery from 1.5250 short term bottom could extend higher. But still, outlook stays bearish as long as 1.5945 resistance holds. Break of 1.5487 minor support will bring retest of 1.5250 low. However, firm break of 1.5945 will suggest that fall from 1.6827 has completed. Stronger rise would then be seen back to 1.6033 resistance turned support and above.

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.

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