Daily Pivots: (S1) 1.5926; (P) 1.5983; (R1) 1.6017; More….
EUR/AUD drew support from 4 hour 55 EMA and rebounded strongly. Focus is back on 1.6072 resistance. Firm break will confirm completion of decline from 1.6765. Further rally should then be seen to retest 1.6765 high. On the downside, though, break of 1.5743 support will resume the decline from 1.6765.
In the bigger picture, as long as 1.5346 support holds, outlook will remain bullish. Uptrend from 1.1602 (2012 low) is expected to resume sooner or later. Break of 1.6765 will target 61.8% retracement of 2.1127 (2008 high) to 1.1602 at 1.7488 next. However, firm break of 1.5346 key support will indicate trend reversal, with bearish divergence condition in weekly MACD, and turn outlook bearish.
