Daily Pivots: (S1) 1.6169; (P) 1.6259; (R1) 1.6329; More….
EUR/AUD spiked higher to 1.6765 and breached 1.6587 key resistance. While it quickly retreated rather deeply, further rise is expected as long as 1.6189 support holds. Sustained break of 1.6587 will confirm up trend resumption for 1.7550 next. Nevertheless, break of 1.6189 will turn bias to the downside and bring deeper pull back first.
In the bigger picture, medium term rise from 1.3624 (2017 low) should be resuming. Such rise is part of the up trend from 1.1602 (2012 low). Sustained break of 1.6587 will target 61.8% retracement of 2.1127 (2008 high) to 1.1602 at 1.7550. For now, in any case, medium term outlook will stay bullish as long as 1.5346 support holds, even in case of deeper pull back.
