Daily Pivots: (S1) 1.6236; (P) 1.6262; (R1) 1.6298; More…
Intraday bias in EUR/AUD remains on the upside for momentum. Current rally from 1.5683 is targeting 61.8% projection of 1.5683 to 1.6262 from 1.6052 at 1.6410 first. Break will target 100% projection at 1.6631 next. On the downside, below 1.6255 minor support will turn intraday bias neutral first. But retreat should be contained well above 1.6052 support to bring rise resumption.
In the bigger picture, as long as 1.5346 support holds, outlook will still remain bullish. Up trend from 1.1602 (2012 low) is expected to resume sooner or later. Break of 1.6765 will target 61.8% retracement of 2.1127 (2008 high) to 1.1602 at 1.7488 next. However, firm break of 1.5346 key support will indicate trend reversal, with bearish divergence condition in weekly MACD, and turn outlook bearish.
