Daily Pivots: (S1) 1.6078; (P) 1.6133; (R1) 1.6220; More…
Intraday bias in in EUR/AUD remains on the upside at this point. Prior break of 1.6122 resistance indicates that correction form 1.6765 has completed with three waves down to 1.5683. Further rise should be seen back to retest 1.6765 high. On the downside, below 1.6086 minor support will turn intraday bias neutral and bring consolidation first, before staging another rally.
In the bigger picture, as long as 1.5346 support holds, outlook will still remain bullish. Up trend from 1.1602 (2012 low) is expected to resume sooner or later. Break of 1.6765 will target 61.8% retracement of 2.1127 (2008 high) to 1.1602 at 1.7488 next. However, firm break of 1.5346 key support will indicate trend reversal, with bearish divergence condition in weekly MACD, and turn outlook bearish.
