Daily Pivots: (S1) 1.5947; (P) 1.6051; (R1) 1.6108; More….

Despite recovery to 1.5154, EUR/AUD quickly reversed and intraday bias is turned neutral again. On the downside, break of 1.5696 will extend the pull back from 1.6765 to 61.8% retracement of 1.5346 to 1.6765 at 1.5888 and below. On the upside, above 1.6154 will turn bias to the upside for retesting 1.6765 high.

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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.

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