Daily Pivots: (S1) 1.6415; (P) 1.6459; (R1) 1.6528; More…
EUR/AUD’s rally extends to as high as 1.6550 so far. Intraday bias remains on the upside for 1.6593 resistance next. Break there will target a test on 1.6786 high. On the downside, below 1.6389 minor support will turn intraday bias neutral first.
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 1.6122) 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 1.6786 will target 61.8% retracement of 2.1127 (2008 high) to 1.1602 at 1.7488.
