Daily Pivots: (S1) 1.6479; (P) 1.6553; (R1) 1.6648; More…
EUR/AUD’s rally resumes after brief consolidation and surges to as high as 1.6786 so far. Break of 1.6765 suggests larger up trend resumption too. Intraday bias is back on the upside and next near term target is 161.8% projection of 1.5683 to 1.6448 from 1.5894 at 1.7132. On the downside,break of 1.6531 minor support will turn intraday bias neutral and bring consolidation, before staging another rally.
In the bigger picture, current development suggests that up trend from 1.1602 (2012 low) is resuming. Strong support from 55 week EMA indicates medium term bullishness. Next upside target is 61.8% retracement of 2.1127 (2008 high) to 1.1602 at 1.7488. In any case, break of 1.5894 support is needed to be the first sign of medium term topping. Otherwise, outlook will remain bullish even in case of deep pull back.
