EUR/AUD Mid-Day Outlook

Daily Pivots: (S1) 1.6125; (P) 1.6212; (R1) 1.6269; More…

EUR/AUD’s break of 1.6148 suggests that rebound form 1.5976 has completed and fall from 1.6323 has resumed. Intraday bias is back on the downside for 1.5976 support first. Break will turn focus to 1.5894 key support level. On the upside, above 1.6211 minor resistance will turn intraday bias neutral again.

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 1.6071) firmly taken out too. That should indicate medium term topping and target 1.5346 key support next.