Daily Pivots: (S1) 1.6668; (P) 1.6748; (R1) 1.6856; More…
Intraday bias in EUR/AUD remains on the upside at this point. Further rise should be seen to 38.2% retracement of 1.9799 to 1.6033 at 1.7472. Reaction from there will reveal whether current rebound is just correcting the fall from 1.9799 to 1.6033, or reversing it. On the downside, below 1.6701 minor support will turn intraday bias neutral first. But near term outlook should stay bullish as long as 1.6337 support holds.
In the bigger picture, EUR/AUD is now back above 55 day EMA (now at 1.6463) with current rebound. The development argues that price actions form 1.9799 might be developing into a sideway pattern only. That is, medium term outlook is just neutral, and up trend from 1.1602 (2012 low) could resume at a later stage. On the downside, though, sustained trading below 55 week EMA would revive medium term bearishness for 61.8% retracement of 1.1602 to 1.9799 at 1.4733.
