Daily Pivots: (S1) 1.6219; (P) 1.6336; (R1) 1.6395; More…
EUR/AUD’s break of 1.6298 minor support suggests temporary topping at 1.6448. Intraday bias is turned neutral for some consolidations first. Downside of retreat should be contained well a above 1.6052 support to bring rise resumption. On the upside, break of 1.6448 will target 100% projection of 1.5683 to 1.6262 from 1.6052 at 1.6631 next.
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.
