Daily Pivots: (S1) 1.6193; (P) 1.6220; (R1) 1.6261; More…
Intraday bias in EUR/AUD remains on the downside at this point. Rise from 1.5683 could have completed at 1.6786 after breaching 1.6765. Deeper decline would be seen to 1.5894 support. Break will target 1.5346 support next. On the upside, above 1.6351 minor resistance will turn bias neutral again first.
In the bigger picture, outlook remains bullish and up trend from 1.1602 (2012 low) is still in progress. Prior 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.
