Daily Pivots: (S1) 1.6222; (P) 1.6257; (R1) 1.6322; More…
Intraday bias in EUR/AUD remains neutral first as range trading continues. At this point, we’re still slightly favoring the bearish case that rebound from 1.5976 has completed at 1.6323 already. Thus, risk will stay on the downside as long as 1.6323 resistance holds. Break of 1.6148 will turn bias to the downside for 1.5976 support first. On the upside, break of 1.6323 will resume the rise from 1.5976 to 1.6432 resistance next.
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 1.6071) firmly taken out too. That should indicate medium term topping and target 1.5346 key support next.
