Daily Pivots: (S1) 1.5989; (P) 1.6078; (R1) 1.6130; More…
EUR/AUD’s fall from 1.6448 is deeper than originally expected. Break of 1.6052 support suggests that rebound from 1.5683 has completed at 1.6448. Intraday bias is back on the downside for 1.5683 next. On the upside, above 1.6143 minor resistance will turn intraday bias neutral and bring recovery first.
In the bigger picture, as long as 1.5346 support holds, outlook will still remain bullish. Up trend 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 and turn outlook bearish.
