Daily Pivots: (S1) 1.5769; (P) 1.5799; (R1) 1.5841; More…
EUR/AUD rebounds strongly to as high as 1.5959 so far today. The strong break of 1.5853 resistance firstly indicate short term bottoming at 1.5683, on bullish convergence condition in 4 hour MACD. Secondly, corrective fall from 1.6765 could have completed with three waves down to 1.5683 too. Intraday bias is back on the upside for 1.6122 resistance first. Break will pave the way back to 1.6765 high. On the downside, however, below 1.5828 minor support will turn bias back to the downside for 1.5683 instead.
In the bigger picture, as long as 1.5346 support holds, outlook will still remain bullish. Uptrend from 1.1602 (2012 low) is expected to resume sooner or later. Break of 1.6765 will target 61.8% retracement of 2.1127 (2008 high) to 1.1602 at 1.7488 next. However, firm break of 1.5346 key support will indicate trend reversal, with bearish divergence condition in weekly MACD, and turn outlook bearish.
