Daily Pivots: (S1) 1.6210; (P) 1.6252; (R1) 1.6290; More…
EUR/AUD’s strong break of 1.6202 minor support suggests that rebound from 1.5976 has completed at 1.6323. Intraday bias is turned back to the downside for 1.5894/5976 support zone. Decisive break there will carry larger bearish implication. On the upside, break of 1.6323 will resume the rise from 1.5976 to 1.6432 resistance instead.
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 1.6069) firmly taken out too. That should indicate medium term topping and target 1.5346 key support next.
