Daily Pivots: (S1) 1.5971; (P) 1.6003; (R1) 1.6034; More…
Intraday bias in EUR/AUD remains neutral for consolidation above 1.5970 temporary low. On the downside, below 1.5970 will extend the decline from 1.6314 to 1.5894/5906 key support zone. On the upside, above 1.6071 will turn bias back to the upside for recovery.
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 1.6081) firmly taken out too. That should indicate medium term topping and target 1.5346 key support next.
