Daily Pivots: (S1) 1.8300; (P) 1.8359; (R1) 1.8462; More

EUR/AUD surges to as high as 1.9799 so far today and there is no sign of topping yet. 1.8619 long term projection target was taken out without any hesitation. Intraday bias remains on the upside for 2.1127 (2008 high) next. On the downside, touching of 1.8820 minor support will turn intraday bias neutral and bring consolidations first.

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In the bigger picture, up trend from 1.1602 (2012 low) is in progress and 100% projection of 1.1602 to 1.6597 from 1.3524 at 1.8619 is already met. Further rally would be seen to 2.1127 (2008 high) and possibly to 161.8% projection at 2.1706. On the downside, for now, touching of 1.6597 resistance turned support (2015 high), is needed to indicate medium term reversal. Otherwise, outlook will stay bullish even in case of deeper pull back.


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