Daily Pivots: (S1) 1.6005; (P) 1.6034; (R1) 1.6092; More…
EUR/AUD’s break of 1.6071 minor resistance should confirm short term bottoming at 1.5962, ahead of 1.5894/5906 key support zone. Intraday bias is turned back to the upside. Further rise is expected to 1.6314 resistance. Decisive break there will re-affirm medium term bullishness. On the downside, break of 1.5692 will turn focus back to 1.5894/5906. Decisive break there will carry larger bearish implications.
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 1.6079) firmly taken out too. That should indicate medium term topping and target 1.5346 key support next.
