Daily Pivots: (S1) 1.5924; (P) 1.5985; (R1) 1.6092; More….
With 1.5983 minor support intact, further rise is expected in EUR/AUD. Sustained trading above 1.6060 resistance will confirm completion of decline from 1.6765. Further rally should then be seen to retest 1.6765 high. On the downside, though, below 1.5983 minor support will dampen this bullish case and turn bias neutral again.
In the bigger picture, as long as 1.5346 support holds, outlook will remain bullish. Uptrend from 1.1602 (2012 low) is expected to resume sooner or later. 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.
