Daily Pivots: (S1) 1.6222; (P) 1.6246; (R1) 1.6288; More

EUR/AUD’s rise from 1.5976 resumed after brief consolidation and intraday bias is back on the upside. Further rally should be seen to 1.6432 resistance first. Sustained break there will pave the way to retest 1.6786 high. On the downside, below 1.6202 minor support will turn bias back to the downside for 1.5894/5905 key support zone instead.

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In the bigger picture, as long as 1.5894 support holds, 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 1.6071) firmly taken out too. That should indicate medium term topping and target 1.5346 key support next.


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