Daily Pivots: (S1) 1.6520; (P) 1.6581; (R1) 1.6632; More…
Intraday bias in EUR/AUD remains neutral for the moment. Near term outlook will stay cautiously bullish as long as 1.6461 support holds. On the upside, firm break of 1.6827 will resume the corrective pattern from 1.6033. Next target is 38.2% retracement of 1.9799 to 1.6033 at 1.7472. However, break of 1.6461 will turn bias to the downside for 1.6337 support.
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 1.6463) would revive medium term bearishness for 61.8% retracement of 1.1602 to 1.9799 at 1.4733.
