Daily Pivots: (S1) 1.6070; (P) 1.6104; (R1) 1.6126; More…
EUR/AUD is staying in consolidation from 1.5976 and intraday bias remains neutral first. Further decline is expected as long as 1.6181 resistance holds. On the downside, below 1.5976 will target 1.5894/5905. Decisive break there will carry larger bearish implications. On the upside, though, break of 1.6181 will turn bias back to the upside for 1.6432 resistance 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 1.6058) firmly taken out too. That should indicate medium term topping and target 1.5346 key support next.
