Daily Pivots: (S1) 1.5998; (P) 1.6038; (R1) 1.6069; More….
EUR/AUD’s fall resumed after brief consolidation and intraday bias back on the downside. Current correction from 1.6765 might extend to 55 day EMA (now at 1.5931) and possibly below. On the upside, above 1.6085 minor resistance will argue that the pull back is completed and turn bias back to the upside for retesting 1.6765.
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.
