Daily Pivots: (S1) 1.6057; (P) 1.6101; (R1) 1.6142; More…
EUR/AUD’s break of 1.6181 minor resistance suggests short term bottoming at 1.5976, ahead of 1.5905 support. Intraday bias is turned back to the upside for 1.6432 resistance first. On the downside, break of 1.5976 will resume the fall from 1.6432 to key support zone of 1.5894/5905.
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.
