Daily Pivots: (S1) 1.6912; (P) 1.7011; (R1) 1.7091; More…
EUR/AUD spikes higher to 1.82003 today and retreats then. Intraday bias remains on the upside for next medium term target at 1.8619. While some more volatility could be seen and deeper treat cannot be ruled out, outlook will remain bullish as long as 1.6774 support holds.
In the bigger picture, up trend from 1.1602 (2012 low) has just resumed and persistent strong support from 55 week EMA affirms medium term bullishness. Current up trend should now target 100% projection of 1.1602 to 1.6597 from 1.3524 at 1.8619. In any case, outlook will remain bullish as long as 1.5906 support holds, in case of deep pull back.
