Daily Pivots: (S1) 1.7057; (P) 1.7103; (R1) 1.7189; More

EUR/AUD is staying in consolidation form 1.7003 temporary low. Intraday bias remains neutral first. As long as 1.8124 resistance holds, further decline could still be seen. Break of 1.7003 will extend the fall from 1.9799 to 1.6085/6593 support zone. On the upside, though, break of 1.8124 resistance will argue that such decline has completed and turn bias back to the upside.

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In the bigger picture, up trend from 1.1602 (2012 low) is in progress and further rally would be seen to 2.1127 (2008 high) and possibly to 161.8% projection of 1.1602 to 1.6597 from 1.3524 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 deep pull back.


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