Daily Pivots: (S1) 1.6273; (P) 1.6299; (R1) 1.6341; More…
With 1.6423 minor resistance intact, further fall is mildly in favor in EUR/AUD. Rise form 1.5962 could have completed with three waves up to 1.6593. Recent sideway pattern from 1.6786 is extending with another falling leg. Further fall would be seen to 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.
