Daily Pivots: (S1) 1.6507; (P) 1.6545; (R1) 1.6595; More…
EUR/AUD rises further to as high as 1.6609 so far today. The break of 1.6586 resistance now suggests that it’s at least in correction to fall from 1.9799 to 1.6033. Intraday bias is now on the upside for 38.2% retracement of 1.9799 to 1.6033 at 1.7472. On the downside, though, break of 1.6485 support will dampen this bullish case and turn intraday bias neutral first.
In the bigger picture, whole up trend from 1.1602 (2012 low) might have completed at 1.9799. Deeper fall might be seen to 55 month EMA (now at 1.5823). Sustained break there will pave the way to 61.8% retracement of 1.1602 to 1.9799 at 1.4733. However, strong support from 55 week EMA (now at 1.6453) would neutralize the long term bearishness and argues that price actions from 1.9799 are developing into a sideway range pattern instead.
