Daily Pivots: (S1) 1.6079; (P) 1.6126; (R1) 1.6198; More….
EUR/AUD drew support from 38.2% retracement of 1.5601 to 1.6353 at 1.6066 and formed a temporary low at 1.6051. Intraday bias is turned neutral first. On the upside, above 1.6172 minor resistance will indicate completion of the corrective fall from 1.6353. Intraday bias would be turned back to the upside for retesting this high. On the downside, below 1.6051 will extend the corrective decline. But downside should be contained well above 1.5886 cluster support (61.8% retracement at 1.5888) to bring rise resumption.
In the bigger picture, up trend from 1.3624 (2017 low) is still in progress. Further rise should be seen to retest 1.6587 (2015 high). Decisive break there will resume the long term rally and target 1.7488 fibonacci level. On the downside, break of 1.5601 support is need to be the first sign of medium term reversal. Otherwise, outlook will remain bullish in case of deep pull back.
