Daily Pivots: (S1) 1.6114; (P) 1.6147; (R1) 1.6187; More

EUR/AUD’s consolidation pattern from 1.6294 is still unfolding and intraday bias remains neutral. In case of deeper pull back, downside should be contained above 1.5962 support to bring rebound. On the upside, break of 1.6314 will re-affirm medium term bullishness and target 1.6432 next.

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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 1.6082) firmly taken out too. That should indicate medium term topping and target 1.5346 key support next.

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