Daily Pivots: (S1) 1.6133; (P) 1.6162; (R1) 1.6213; More…
EUR/AUD’s rebound from 1.6085 extends higher today and broke 1.6256 support turned resistance. Fall from 1.6593 might be completed with three waves down to 1.6085 already. Intraday bias is back on the upside for 1.6448 resistance first. On the downside, break of 1.6085 will target 1.5962 key support instead.
In the bigger picture, EUR/AUD is still struggling in established range of 1.5905/6786. And it’s trying to draw support from 55 week EMA (now at 1.6113) again. For now, larger up trend from 1.1602 (2012 low) is still in favor to continue as long as 1.5962 support holds. Break of 1.6503 will target 61.8% retracement of 2.1127 (2008 high) to 1.1602 at 1.7488.
