Daily Pivots: (S1) 1.6531; (P) 1.6608; (R1) 1.6756; More…
EUR/AUD rebounded strongly after hitting 1.6461, well ahead of 1.6337 support. The development revived near term bullishness that larger rebound from 1.6033 is not finished. Intraday bias is back on the upside for 1.6827 resistance first. Break there will target t 38.2% retracement of 1.9799 to 1.6033 at 1.7472.
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.
