Daily Pivots: (S1) 1.6259; (P) 1.6367; (R1) 1.6423; More

No change in EUR/AUD’s outlook s consolidation from 1.6786 is still extending. Deeper fall cannot be ruled out but downside should be contained by 1.6247 resistance turned support to bring rise resumption. On the upside, firm break of 1.6786 will resume larger up trend to 1.7488 projection level. However, sustained break of 1.6247 will bring deeper fall towards 1.5894 support instead.

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In the bigger picture, outlook remains bullish and up trend from 1.1602 (2012 low) is still in progress. Prior support from 55 week EMA indicates medium term bullishness. Next upside target is 61.8% retracement of 2.1127 (2008 high) to 1.1602 at 1.7488. In any case, break of 1.5894 support is needed to be the first sign of medium term topping. Otherwise, outlook will remain bullish even in case of deep pull back.

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