Daily Pivots: (S1) 1.6468; (P) 1.6531; (R1) 1.6592; More…
A temporary top is formed at 1.6593 in EUR/AUD with the current retreat. Intraday bias is turned neutral first. Downside of consolidation should be contained above 1.6294 resistance turned support to bring rise resumption. On the upside, break of 1.6593 will extend whole rally from 1.5962 to retest 1.6786 high.
In the bigger picture, EUR/AUD drew support from 55 week EMA and rebounded strongly again. The development indicates that up trend from 1.1602 (2012 low) is still in progress. Further rise should be seen to 61.8% retracement of 2.1127 (2008 high) to 1.1602 at 1.7488. This will remain the favored case as long as 1.5962 support holds.
