Daily Pivots: (S1) 1.5971; (P) 1.6050; (R1) 1.6193; More

EUR/AUD rebounded strongly after hitting 1.5905, ahead of 1.5894 key support. Intraday bias is turned back to the upside for 1.6308 support turned resistance first. Firm break there should confirm completion of whole fall from 1.6789 and target this resistance again. For now, in case of another decline, we’d continue to expect strong support from 1.5894 to contain downside to bring rebound. However, sustained break will carry larger bearish implications and target 1.5683 support next.

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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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