Daily Pivots: (S1) 1.6009; (P) 1.6046; (R1) 1.6090; More

EUR/AUD’s rise resumed and surges to as high as 1.6170 so far. The strong break of 1.6122 resistance should confirm that correction from 1.6765 has completed with three waves down to 1.5683. Intraday bias is back on the upside. Further rally should be seen to retest 1.6765 high. On the downside, break of 1.5959 resistance turned support is needed to indicate completion of rise from 1.5683. Otherwise, near term outlook will remain bullish in case of retreat.

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In the bigger picture, as long as 1.5346 support holds, outlook will still remain bullish. Up trend 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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