Daily Pivots: (S1) 1.6446; (P) 1.6493; (R1) 1.6574; More…
Intraday bias in EUR/AUD stays neutral at this point, for consolidation below 1.6601. Near term outlook stays cautiously bullish as long as 1.6231 support holds. On the upside, break of 1.6601 will target 1.6785 high next. However, firm break of 1.6231 will bring deeper fall to extend the corrective pattern from 1.6785.
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 rise 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.
