Daily Pivots: (S1) 1.5738; (P) 1.5769; (R1) 1.5794; More…
EUR/AUD breached 1.5721 low to 1.5714 but rebounded strongly since then. Intraday bias remains neutral first. Consolidation from 1.5721 might extend further. But upside should be limited by 1.6122 resistance to bring fall resumption eventually. On the downside, decisive break of 1.5271 will resume the fall from 1.6765 and target 1.5346 support next.
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.
