Daily Pivots: (S1) 1.6253; (P) 1.6310; (R1) 1.6344; More

EUR/AUD drops further today but it’s staying in range above 1.6033 after all. Intraday bias remains neutral first and more consolidations could be seem. As long as 1.6586 resistance holds, further decline and break of 1.6033 remains in favor. However, on the upside, sustained break of 1.6585 will confirm short term bottoming and turn bias back to the upside for stronger rebound.

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In the bigger picture, whole up trend from 1.1602 (2012 low) might have completed at 1.9799. Deeper fall could be seen to 61.8% retracement of 1.1602 to 1.9799 at 1.4733. This will remain the preferred case now as long as 1.7194 resistance holds.

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