Daily Pivots: (S1) 1.6065; (P) 1.6115; (R1) 1.6180; More….
EUR/AUD is losing some upside momentum as seen in 4 hour MACD. But further rise is still expected as long as 1.5983 minor support holds. Current rally should target 100% projection of 1.5271 to 1.5886 from 1.5601 at 1.6216, which is close to 1.6189 high. Upside could be limited there on initial attempt to bring consolidation. On the downside, break of 1.5983 support is needed to indicate short term topping. Otherwise, further rise will remain in favor in case of retreat.
In the bigger picture, EUR/AUD drew strong support from 55 week EMA and rebounded. And the development argues that medium term rally from 1.3624 (2017 low) is still in progress. Firm break of 1.6189 will target a test on 1.6587 (2015 high). On the downside, break of 1.5601 support will now be the first sign of medium term reversal, and will bring a test on 1.5271 key support for confirmation.
