Daily Pivots: (S1) 1.6018; (P) 1.6081; (R1) 1.6116; More…
Focus is now on 1.6025 support in EUR/AUD. Firm break will resume the decline from 1.6448. Such decline is seen as the third leg of the consolidation pattern from 1.6765 high. Next target will be 1.5683 support and below. In any case, near term outlook will remain mildly bearish as long as 1.6259 resistance holds, in case of recovery.
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.
