Daily Pivots: (S1) 1.5912; (P) 1.5954; (R1) 1.5988; More

EUR/AUD’s rally resumes today by breaking 1.5994 temporary top. Intraday bias is back on the upside for 1.6122 resistance. As note before, we’d continue to favor the bullish case that correction from 1.6765 has completed with three waves down to 1.5683. Decisive break of 1.6122 will confirm this bullish view and target retesting 1.6765 high. For now, near term outlook will stay cautiously bullish as long as 1.5920 minor support holds, in case of retreat.

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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.

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