Daily Pivots: (S1) 1.6204; (P) 1.6236; (R1) 1.6281; More

EUR/AUD’s break of 1.6144 support turns intraday bias the downside for retesting 1.6033 low. Decisive break there will resume larger down trend from 1.9799. On the upside, through, break of 1.6269 resistance will now suggest short term bottoming and turn bias back to the upside for stronger rebound.

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In the bigger picture, current development suggests that price actions form 1.9799 might be developing into a sideway pattern only. That is, medium term outlook is just neutral, and up trend from 1.1602 (2012 low) could resume at a later stage. On the downside, though, sustained trading below 55 week EMA (now at 1.6433) would revive medium term bearishness for 61.8% retracement of 1.1602 to 1.9799 at 1.4733.

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