Daily Pivots: (S1) 1.6184; (P) 1.6236; (R1) 1.6271; More

EUR/AUD was rejected by 1.6323 resistance and dropped sharply. But it’s staying above 1.6063 support and intraday bias remains neutral first. On the upside, break of 1.6323 resistance will resume the rise from 1.5976 to 1.6432 resistance. On the downside, below 1.6063 will target 1.5976 support first.

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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 1.6084) firmly taken out too. That should indicate medium term topping and target 1.5346 key support next.

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