Daily Pivots: (S1) 1.6295; (P) 1.6355; (R1) 1.6451; More…
Intraday bias in EUR/AUD remains on the upside as rally from 1.5846 extends. Decisive break of 1.6513 resistance will confirm that whole correction from 1.6785 has completed at 1.5846. Further rally would be seen to retest 1.6785 high next. On the downside, break of 1.6255 minor support will mix up the outlook and turn intraday bias neutral first.
In the bigger picture, with 38.2% retracement of 1.4281 to 1.6785 at 1.5828 intact, rally from 1.4281 is still in progress. Firm break of 1.6785 will confirm rally resumption. Next target is 100% projection of 1.5254 to 1.6785 from 1.5846 at 1.7377. On the other hand, rejection by 1.6785 will extend the corrective pattern with another fall leg. But outlook will stay bullish as long as 1.5828 holds.
