Daily Pivots: (S1) 1.6392; (P) 1.6459; (R1) 1.6561; More…
EUR/AUD’s pull back from 1.6786 could have completed at 1.6308. But subsequent rebound failed to through through 1.6786 and retreated. Intraday bias remains neutral first. On the upside, firm break of 1.6786 will resume larger up trend. In case of another fall, downside should be contained by 1.6247 resistance turned support to bring rise resumption.
In the bigger picture, outlook remains bullish as up trend from 1.1602 (2012 low) is resuming. Strong support from 55 week EMA indicates medium term bullishness. Next upside target is 61.8% retracement of 2.1127 (2008 high) to 1.1602 at 1.7488. In any case, break of 1.5894 support is needed to be the first sign of medium term topping. Otherwise, outlook will remain bullish even in case of deep pull back.
