Daily Pivots: (S1) 1.6237; (P) 1.6330; (R1) 1.6397; More…
EUR/AUD’s break of 1.6294 resistance turned support argues that rise from 1.5962 has completed with three waves up to 1.6593. Recent sideway pattern from 1.6786 is extend with another falling leg. Intraday bias is back on the downside for 1.6106 support. Break will target 1.5962. On the upside, above 1.6423 minor resistance will turn bias to the upside for 1.6593.
In the bigger picture, EUR/AUD drew support from 55 week EMA and rebounded strongly again. The development indicates that up trend from 1.1602 (2012 low) is still in progress. Further rise should be seen to 61.8% retracement of 2.1127 (2008 high) to 1.1602 at 1.7488. This will remain the favored case as long as 1.5962 support holds.
