Daily Pivots: (S1) 1.6072; (P) 1.6142; (R1) 1.6189; More…
Intraday bias in EUR/AUD remains on the downside at this point. Fall from 1.6323 is in progress for 1.5976 support first. Break will target 1.5894 key support next. On the upside, above 1.6211 minor resistance will turn bias back to the upside for 1.6323 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 1.6071) firmly taken out too. That should indicate medium term topping and target 1.5346 key support next.
