Daily Pivots: (S1) 1.6266; (P) 1.6311; (R1) 1.6341; More….
With 1.6223 minor support intact, intraday bias in EUR/AUD stays on the upside for further rally. Current rise should target 161.8% projection of 1.5271 to 1.5886 from 1.5601 at 1.6596, which is close to another key resistance level at 1.6587. Considering bearish divergence condition in 4 hour MACD, break of 1.6223 will indicate short term topping. And lengthier consolidation would be seen before another rally.
In the bigger picture, up trend from 1.3624 (2017 low) has just resumed. Further rise should be seen to retest 1.6587 (2015 high). Decisive break there will resume the long term rally and target 1.7488 fibonacci level. On the downside, break of 1.5601 support is need to be the first sign of medium term reversal. Otherwise, outlook will remain bullish in case of deep pull back.
