Daily Pivots: (S1) 1.6328; (P) 1.6380; (R1) 1.6434; More…
EUR/AUD retreats sharply after hitting 1.6432 and intraday bias is turned neutral again. Choppy rise from 1.5905 should still extend as long as 1.6203 support holds. On the upside, break of 1.6432 will target 1.6680/6786 resistance zone next. On the downside, however, break of 1.6203 support will turn bias back to the downside for 1.6074 support.
In the bigger picture, as long as 1.5894 support holds, outlook remains bullish. Firm break of 1.6786 will resume up trend from 1.1602 (2012 low). Next upside target is 61.8% retracement of 2.1127 (2008 high) to 1.1602 at 1.7488. However, sustained break of 1.5894 will have 55 week EMA (now at 1.6038) firmly taken out too. That should indicate medium term topping and target 1.5346 key support next.
