Daily Pivots: (S1) 1.6428; (P) 1.6464; (R1) 1.6488; More…
EUR/AUD’s break of 1.6457 support argues that recovery from 1.6256 has completed at 1.6629 already. Intraday bias is back on the downside for 1.6256 support first. Firm break there will resume whole fall from 1.7180 to 61.8% projection of 1.7180 to 1.6256 from 1.6629 at 1.6058. For now, risk will be on the downside as long as 1.6629 resistance holds, in case of recovery.
In the bigger picture, outlook is mixed up by the deeper than expected fall from 1.7180. Yet as long as 1.5996 support holds, up trend from 1.4281 (2022 low) is still in favor to resume at a later stage. Firm break of 1.7180 will pave the way to 61.8% projection of 1.4281 to 1.7062 from 1.5996 at 1.7715.
