Daily Pivots: (S1) 1.6313; (P) 1.6351; (R1) 1.6408; More…
EUR/AUD rises to as high as 1.6448 so far today. 61.8% projection of 1.5683 to 1.6262 from 1.6052 at 1.6410 is already broken. Intraday bias stays on the upside for 100% projection at 1.6631 next. On the downside, break of 1.6298 support is needed to indicate short term topping. Otherwise, outlook will remain bullish in case of retreat.
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.
