Daily Pivots: (S1) 1.6115; (P) 1.6185; (R1) 1.6314; More…
EUR/AUD’s break of 1.6200 resistance confirms resumption of larger rise from 1.4281. Intraday bias is back on the upside for 61.8% projection of 1.4281 to 1.5976 from 1.5254 at 1.6302 and then 1.6389 fibonacci level. On the downside, below 1.6053 minor support will turn intraday bias neutral first. But outlook will continue to stay bullish as long as 1.5848 support holds.
In the bigger picture, the strong support from 55 week EMA (now at 1.5404) is raising the chance of bullish trend reversal. Focus is now on 1.6434 cluster resistance (38.2% retracement of 1.9799 to 1.4281 at 1.6389). Sustained break there should confirm that whole down trend from 1.9799 (2020 high) has completed. Further rally should then be seen to 61.8% retracement at 1.7691. However, rejection by this cluster resistance will make medium term outlook neutral at best.
