Daily Pivots: (S1) 1.5727; (P) 1.5759; (R1) 1.5805; More…
EUR/AUD recovered after hitting 1.5683 and intraday bias is turned neutral first. Near term outlook remains bearish as long as 1.5853 resistance holds. On the downside, break of 1.5683 will extend the fall from 1.6765 to 61.8% projection of 1.6765 to 1.5721 from 1.6122 at 1.5477. However, firm break of 1.5853 will suggests short term bottoming and bring stronger rise back to 1.6122 resistance.
In the bigger picture, as long as 1.5346 support holds, outlook will still 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.
