Daily Pivots: (S1) 1.5816; (P) 1.5888; (R1) 1.5976; More…
With 1.5828 minor support intact, further rise is expected in EUR/AUD towards 1.6122 resistance. Decisive break there will confirm completion with corrective fall from 1.6765 at 1.5683. In this case, further rally should be seen back to retest 1.6765 high. On the downside, however, below 1.5828 minor support will turn bias back to the downside for 1.5683 instead.
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.
