Daily Pivots: (S1) 1.6182; (P) 1.6223; (R1) 1.6245; More…
Intraday bias in EUR/AUD is turned neutral with 4 hour MACD crossed below signal line. Further rise is expected as long as 1.6089 minor support holds. Above 1.6264 will resume the rise form 1.5976 to 1.6432 resistance next. However, break of 1.6089 minor support will turn bias back to the downside for 1.5894/5905. Decisive break there will carry larger bearish implications.
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 1.6063) firmly taken out too. That should indicate medium term topping and target 1.5346 key support next.
