Daily Pivots: (S1) 1.5840; (P) 1.5896; (R1) 1.5962; More…
EUR/AUD’s break of 1.5959 indicates resumption of rise from 1.5683. Intraday bias is turned back to the upside for 1.6122 resistance. as noted before, correction from 1.6765 should have completed with three waves down to 1.5683. Break of 1.6122 should confirm and bring retest of 1.6765 high next. Near term outlook will now remain cautiously bullish as long as 1.5806 support holds, in case of retreat.
In the bigger picture, as long as 1.5346 support holds, outlook will still 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.
