Daily Pivots: (S1) 1.6417; (P) 1.6506; (R1) 1.6555; More…
Immediate focus is now on 1.6474 support in EUR/AUD. Decisive break there will argue that rise from 1.5996 has completed, and dampen the larger bullish view. Intraday bias will be back on the downside for deeper fall towards 1.5996 in this case. Nevertheless, strong rebound from current level, followed by break of 1.6745 resistance, will retain near term bullishness and bring retest of 1.7180 high.
In the bigger picture, corrective fall from 1.7062 medium term top should have completed at 1.5996. Larger up trend from 1.4281 (2022 low) is resuming. Next target is 61.8% projection of 1.4281 to 1.7062 from 1.5996 at 1.7715. This will now remain the favored case as long as 1.6474 support holds. However, decisive break of 1.6474 will argue that EUR/AUD Is still engaging in medium term range trading.
