Daily Pivots: (S1) 1.6091; (P) 1.6406; (R1) 1.6581; More….
Intraday bias in EUR/AUD is neutral for consolidations. As long as 1.6189 support holds, further rise is still expected. Above 1.6407 minor resistance will turn bias back to the upside for 1.6765 resistance first. However, break of 1.6189 will indicate short term topping and bring lengthier consolidation before staging another rally.
In the bigger picture, medium term rise from 1.3624 (2017 low) should be resuming. Such rise is part of the up trend from 1.1602 (2012 low). Sustained break of 1.6587 will target 61.8% retracement of 2.1127 (2008 high) to 1.1602 at 1.7550. For now, in any case, medium term outlook will stay bullish as long as 1.5346 support holds, even in case of deeper pull back.
