Daily Pivots: (S1) 1.6151; (P) 1.6189; (R1) 1.6226; More….
At this point, intraday bias in EUR/AUD remains mildly on the upside for retesting 1.6357 resistance first. Firm break there will resume larger up trend for 1.6587 key resistance next. On the downside, even in case of another fall, outlook will stay bullish as long as 1.5984 support holds.
In the bigger picture, up trend from 1.3624 (2017 low) is still in progress. Further rise should be seen to retest 1.6587 (2015 high). Decisive break there will resume the long term rally and target 1.7488 fibonacci level. On the downside, break of 1.5984 support is need to be the first sign of medium term reversal. Otherwise, outlook will remain bullish in case of deep pull back. However, sustained break of 1.5984 will be an early sign of trend reversal.
