Daily Pivots: (S1) 1.5957; (P) 1.5999; (R1) 1.6024; More…
EUR/AUD is staying in consolidation from 1.5963 and intraday bias remains neutral first. Further fall is expected with 1.6071 minor resistance intact. Break of 1.5963 will target 1.5894/5906 key support zone. On the upside, above 1.6071 will turn bias back to the upside for recovery.
In the bigger picture, as long as 1.5894 support holds, outlook remains bullish. Firm break of 1.6786 will resume up trend from 1.1602 (2012 low). Next upside target is 61.8% retracement of 2.1127 (2008 high) to 1.1602 at 1.7488. However, sustained break of 1.5894 will have 55 week EMA (now at 1.6077) firmly taken out too. That should indicate medium term topping and target 1.5346 key support next.
