Daily Pivots: (S1) 1.7048; (P) 1.7171; (R1) 1.7240; More…
EUR/AUD is staying in tight range above 1.7003 and intraday bias remains neutral first. On the downside, break of 1.7003 will extend the fall from 1.9799 to 1.6085/6593 support zone. On the upside, though, break of 1.7350 minor resistance will suggest short term bottoming. Intraday bias will be turned back to the upside for stronger rebound.
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.
