Daily Pivots: (S1) 1.5901; (P) 1.5935; (R1) 1.5997; More…
EUR/AUD’s break of 1.5976 resistance suggests resumption of whole rise from 1.5250. Intraday bias is back on the upside for 1.6003 key resistance level. Decisive break there will argue that rise from 1.5250 is at least correcting the whole fall from 1.9799. Further rally would be seen to 1.6827 resistance next. For now, further rise is expected as long as 1.5773 support holds, in case of retreat.
In the bigger picture, outlook stays bearish with 1.6033 support turned resistance intact for now. Fall from 1.9799, as a correction to to long term up trend from 1.1602 (2012 low) is still in favor to resume through 1.5250 later. However, firm break of 1.6033 will argue that such decline has completed. Stronger rebound would then be seen 38.2% retracement of 1.9799 to 1.5250 at 1.6988.
