Daily Pivots: (S1) 1.6475; (P) 1.6539; (R1) 1.6610; More…

EUR/AUD retreated quickly after edging higher to 1.6601 and intraday bias remains neutral for the moment. Further rally will remain in favor as long as 1.6231 support holds. As noted before, correction from 1.6785 should have completed with three waves down to 1.5846. Above 1.6601 will resume the rise from 1.5864 to retest 1.6785 high next.

In the bigger picture, with 38.2% retracement of 1.4281 to 1.6785 at 1.5828 intact, rally from 1.4281 is still in progress. Firm break of 1.6785 will confirm rise resumption. Next target is 100% projection of 1.5254 to 1.6785 from 1.5846 at 1.7377. On the other hand, rejection by 1.6785 will extend the corrective pattern with another fall leg. But outlook will stay bullish as long as 1.5828 holds.

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