Daily Pivots: (S1) 1.6012; (P) 1.6057; (R1) 1.6145; More….
EUR/AUD’s recovery and break of 1.6085 minor resistance argues that pull back from 1.6765 is completed at 1.5969. Intraday bias is turned back to the upside for retesting 1.6765 first. On the downside, below 1.5969 will extend the fall from 1.6765 through 55 day EMA (now at 1.5939) and below.
In the bigger picture, the failure to sustain above 1.6587 key resistance (2015 high), argues that up trend from 1.1602 (2012 low), is not ready to resume yet. But still, as long as 1.5346 support holds, outlook will remain bullish. Break of 1.6765 will target 61.8% retracement of 2.1127 (2008 high) to 1.1602 at 1.7488 next.
