Daily Pivots: (S1) 1.6269; (P) 1.6312; (R1) 1.6343; More…
A temporary top is formed at 1.6356 in EUR/AUD and intraday bias is turned neutral first. Downside of retreat should be contained above 1.6106 support to bring another rise. On the upside, above 1.6356 will target 1.6432 resistance first. Break there will pave the way to retest 1.6785 high.
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.
