Daily Pivots: (S1) 1.5994; (P) 1.6062; (R1) 1.6110; More…
Intraday bias in EUR/AUD remains on the downside as fall from 1.6786 continues. At this point, we’d continue to expect strong support from 1.5894 to contain downside to bring rebound. On the upside, above 1.6158 minor resistance will turn intraday bias back to the upside for rebound. However, sustained break will carry larger bearish implications and target 1.5683 support next.
In the bigger picture, as long as 1.5894 outlook remains bullish. Firm break of 1.6786 will resume up trend from 1.1602 (2012 low). Next upside target is 61.8% retracement of 2.1127 (2008 high) to 1.1602 at 1.7488. However, sustained break of 1.5894 will have 55 week EMA (now at 1.6005) firmly taken out too. That should indicate medium term topping and target 1.5346 key support next.
