Daily Pivots: (S1) 1.6012; (P) 1.6048; (R1) 1.6091; More….

EUR/AUD’s fall from 1.6189 extends lower today but it’s kept above 1.5857 support. Another rise is still expected in EUR/AUD. Above 1.6084 minor resistance will turn bias back to the upside for 1.6189 first. Break will resume the whole rally from 1.5153 and target 1.6587 key resistance. Nonetheless, break of 1.5857 will be an early sign of trend reversal and turn bias to the downside for 1.5621 support to confirm.

In the bigger picture, current development suggests that rise from 1.3624 is not completed yet. And it’s still in progress for 1.6587 key resistance level. We’d be cautious on strong resistance from there to limit upside, on bearish divergence condition in daily MACD. But for now, break of 1.5621 support is needed to be the first sign of medium term reversal. Otherwise, outlook will stays bullish even in case of deep pull back.

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