Daily Pivots: (S1) 1.6069; (P) 1.6111; (R1) 1.6172; More…
Intraday bias in EUR/AUD remains on the upside at this point. Rebound from 1.5962 short term bottom should target 1.6314 resistance first. Decisive break there will re-affirm medium term bullishness. On the downside, below 1.6099 minor support will turn bias to the downside for 1.5962 support.
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 1.6079) firmly taken out too. That should indicate medium term topping and target 1.5346 key support next.
