Daily Pivots: (S1) 1.6075; (P) 1.6097; (R1) 1.6118; More

EUR/AUD is losing some downside momentum as seen in 4 hour MACD. But with 1.6247 minor resistance intact, fall from 1.6786 is in progress to retest 1.5894 support. At this point, we’d expect strong support from there to bring rebound. But sustained break will carry larger bearish implications and target 1.5683 support next. On the upside, above 1.6247 minor resistance will turn intraday bias back to the upside for rebound.

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In the bigger picture, as long as 1.5894 outlook remains bullish. Firm break of 1.6786 will resume up trend from 1.1602 (2012 low). Next upside target is 61.8% retracement of 2.1127 (2008 high) to 1.1602 at 1.7488. However, sustained break of 1.5894 will have 55 week EMA (now at 1.6005) firmly taken out too. That should indicate medium term topping and target 1.5346 key support next.


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