Daily Pivots: (S1) 1.6427; (P) 1.6547; (R1) 1.6625; More…
Intraday bias in EUR/AUD is turned neutral with today’s strong recovery. A temporary low is formed at 1.6453 as it fails to sustain below 1.6597 key support zone so far. On the upside, firm break of 1.6763 resistance will suggests short term bottoming, and more importantly, successful defending of 1.6597. Intraday bias will be turned back to the upside for retesting 1.7194 resistance first. On the downside, sustained trading below 1.6597 key support will carry larger bearish implication and target 1.6085 support next.
In the bigger picture, focus stays on 1.6597 key cluster support, (2015 high and 38.2% retracement of 1.1602 to 1.9799 at 1.6668, 55 week EMA (now at 1.6548). Strong rebound from current level will retain medium term bullishness. Larger up trend from 1.1602 (2012 low) would extend through 1.9799 high. However, sustained break of 1.6597 will suggest bearish reversal and target 61.8% retracement at 1.4733.
