Daily Pivots: (S1) 1.6089; (P) 1.6146; (R1) 1.6221; More….
EUR/AUD’s rally resumed after brief consolidation and reaches as high as 1.6220 so far. Intraday bias is back on the upside. Firm break of firm break of 100% projection of 1.5271 to 1.5886 from 1.5601 at 1.6216 will extend the larger up trend to 161.8% projection at 1.6596, which is close to another key resistance level at 1.6587. On the downside, though, break of 1.6039 support will indicate short term topping and bring lengthier consolidation first.
In the bigger picture, EUR/AUD drew strong support from 55 week EMA and rebounded. And the development argues that medium term rally from 1.3624 (2017 low) is still in progress. Firm break of 1.6189 will target a test on 1.6587 (2015 high). On the downside, break of 1.5601 support will now be the first sign of medium term reversal, and will bring a test on 1.5271 key support for confirmation.
