Daily Pivots: (S1) 1.6304; (P) 1.6328; (R1) 1.6358; More

EUR/AUD’s correction is still in progress and deeper fall could be seen. For now, we’d still expect 1.6247 resistance turned support to contain downside to bring rebound. On the upside, break of 1.6680 resistance will resume larger rally through 1.6786. 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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