Daily Pivots: (S1) 1.6209; (P) 1.6280; (R1) 1.6342; More…
EUR/AUD is staying in consolidation from 0.6368 and intraday bias remains neutral. Further rise is expected as long as 1.6074 minor support holds. On the upside, break of 1.6368 will extend the rise from 1.5905 to 1.6680/6786 resistance zone next. On the downside, however, break of 1.6074 minor support will turn bias back to the downside for retesting 1.5894 key support instead.
In the bigger picture, as long as 1.5894 support holds, 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 1.6038) firmly taken out too. That should indicate medium term topping and target 1.5346 key support next.
