Daily Pivots: (S1) 1.6276; (P) 1.6316; (R1) 1.6382; More….

EUR/AUD fails to take out 1.6353 resistance so far and intraday bias is turned neutral first. Further rally is expected as long as 1.6175 support holds. Decisive break of 1.6353 will resume larger up trend and target 1.6857 key resistance next. However, break of 1.6175 will dampen the bullish case and extend the consolidation pattern from 1.6353 with another fall.

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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 1.5984 support is need to be the first sign of medium term reversal. Otherwise, outlook will remain bullish in case of deep pull back.


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