Daily Pivots: (S1) 1.6415; (P) 1.6498; (R1) 1.6662; More…
A temporary top is formed at 1.6626 is EUR/AUD and intraday bias is turned neutral. Some consolidations could be seen but downside should be contained above 1.6247 resistance turned support to bring rise resumption. On the upside, break of 1.6626 will resume rise from 1.5683 to 1.6765 key resistance next.
In the bigger picture, as long as 1.5346 support holds, medium term 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 and turn outlook bearish.
