Daily Pivots: (S1) 1.6107; (P) 1.6161; (R1) 1.6202; More…
EUR/AUD’s break of 1.6301/8 suggests resumption of rebound from 1.5905. Also, corrective fall from 1.6786 should have completed with three waves down to 1.5905. Intraday bias is back on the upside for 1.6680/6786 resistance zone next. On the downside, break of 1.6074 support is needed to confirm completion of the rebound. Otherwise, near term outlook will stay cautiously bullish in case of retreat.
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 1.6024) firmly taken out too. That should indicate medium term topping and target 1.5346 key support next.
