Daily Pivots: (S1) 1.6165; (P) 1.6240; (R1) 1.6372; More…
EUR/AUD’s rebound from 1.5894 resumed by taking out 1.6247 and intraday bias is back on the upside. Current development also confirms completion of pull back from 1.6448 at 1.5894. Further rise should then be seen back to retest 1.6448. On the downside, break of 1.6108 minor support will turn bias back to the downside instead.
In the bigger picture, as long as 1.5346 support holds, medium term 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 and turn outlook bearish.
