Daily Pivots: (S1) 1.6287; (P) 1.6356; (R1) 1.6390; More…
EUR/AUD’s decline from 1.6593 resumes and hit as low as 1.6235 so far. Intraday bias is back on the downside or 1.6106 support next. Break will bring focus back to 1.5962 low. On the upside above 1.6448 resistance will turn bias back to the upside for 1.6593 resistance instead.
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.
