Daily Pivots: (S1) 1.6400; (P) 1.6460; (R1) 1.6525; More…
Intraday bias in EUR/AUD remains neutral for the moment. Further decline is expected with 1.6650 resistance intact. On the downside, break of 1.6319 will resume the fall from 1.7062, as a larger scale correction, to 1.6000 fibonacci level. However, firm break of 1.6650 will argue that the pull back has completed and turn bias back to the upside.
In the bigger picture, fall from 1.7062 is probably correcting whole up trend from 1.4281 (2022 low). Deeper decline would be seen to 38.2% retracement of 1.4281 to 1.7062 at 1.6000. Strong support could be seen there to bring rebound, at least on first attempt. This will remain the favored case as long as 1.6650 resistance holds.
