Daily Pivots: (S1) 1.6211; (P) 1.6263; (R1) 1.6352; More

EUR/AUD’s break of 1.6294 resistance suggests resumption of rise from 1.5962. Intraday bias is back on the upside for 1.6432 resistance first. Break there will pave the way to retest 1.6785 high. On the downside, break of 1.6106 support is now needed to confirm completion of the current rally. Otherwise, near term outlook will remain bullish in case of retreat.

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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 1.6082) firmly taken out too. That should indicate medium term topping and target 1.5346 key support next.

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