Daily Pivots: (S1) 1.6208; (P) 1.6240; (R1) 1.6265; More…
EUR/AUD’s break of 1.6203 support suggests that corrective recovery from 1.5905 has completed at 1.6432. Intraday bias is back on the downside for retesting 1.5984/5905 key support zone. Decisive break there will carry larger bearish implication. On the upside, however, break of 1.6310 minor resistance will turn bias back to the upside for 1.6432 resistance again.
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 1.6058) firmly taken out too. That should indicate medium term topping and target 1.5346 key support next.
