Daily Pivots: (S1) 1.6045; (P) 1.6098; (R1) 1.6169; More….
EUR/AUD gyrates lower but stays in range of 1.5984/6357. Intraday bias remains neutral for the moment. As long as 1.5984 support holds, further rise is still expected. On the upside, break of 1.6357 will resume larger up trend and target 1.6587 key resistance next. On the downside, however, break of 1.5984 will be an early sign of trend reversal and turn outlook bearish.
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. However, sustained break of 1.5984 will be an early sign of trend reversal and turn focus to 1.5601 support for confirmation.
