Daily Pivots: (S1) 1.5964; (P) 1.6045; (R1) 1.6157; More….
At this point, further rise is still expected in EUR/AUD with 1.5941 minor support. Pull back from 1.6765 should have completed. Further rally should be seen back to retest 1.6765. However, break of 1.5941 will dampen this bullish view and turn bias back to the downside for 1.5721 support.
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.
