Daily Pivots: (S1) 1.6657; (P) 1.6701; (R1) 1.6789; More…
EUR/AUD’s rally accelerates to as high as 1.6881 so far and intraday bias remains on the upside. Break of 1.6786 resistance confirms larger up trend resumption. Further rise should be seen to 161.8% projection of 1.5962 to 1.6593 from 1.6085 at 1.7106 next. On the downside, below 1.6703 minor support will turn intraday bias neutral and bring consolidation first, before staging another rally.
In the bigger picture, up trend from 1.1602 (2012 low) has just resumed and persistent strong support from 55 week EMA affirm medium term bullishness. 61.8% retracement of 2.1127 (2008 high) to 1.1602 at 1.7488 is next target. For now, outlook will remain bullish as long as 1.5906 support holds, in case of retreat.
