Daily Pivots: (S1) 1.6318; (P) 1.6394; (R1) 1.6485; More…
Intraday bias in EUR/AUD remains on the upside as rise form 1.5962 is in progress. With 1.6432 resistance taken out, next target is 1.6786 high. On the downside, break of 1.6250 support is needed to indicate short term topping. Otherwise, outlook will stay bullish in case of retreat.
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.
