Daily Pivots: (S1) 1.6117; (P) 1.6150; (R1) 1.6182; More…
EUR/AUD’s rebound from 1.5905 short term bottom is still in progress. Intraday bias stays on the upside for 1.6308 support turned resistance first. Firm break there should confirm completion of whole fall from 1.6789 and target this resistance again. On the downside, below 1.6128 will turn bias to the downside for another test on 1.5894 key support level.
In the bigger picture, as long as 1.5894 support holds, outlook remains bullish. Firm break of 1.6786 will resume up trend from 1.1602 (2012 low). Next upside target is 61.8% retracement of 2.1127 (2008 high) to 1.1602 at 1.7488. However, sustained break of 1.5894 will have 55 week EMA (now at 1.6008) firmly taken out too. That should indicate medium term topping and target 1.5346 key support next.
