Daily Pivots: (S1) 1.5893; (P) 1.5934; (R1) 1.5977; More….
EUR/AUD’s recovery continues today but is limited well below 1.6154 resistance. Intraday bias remains neutral and further decline is still expected. On the downside, break of 1.5774 will resume the fall from 1.6765 and target 1.5346 key support. However, break of 1.6154 will turn intraday bias back to the upside for retesting 1.6765 instead.
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. However, firm break of 1.5346 key support will indicate trend reversal, with bearish divergence condition in weekly MACD, and turn outlook bearish.
