Daily Pivots: (S1) 1.6363; (P) 1.6396; (R1) 1.6435; More…
EUR/AUD dips notably after recovery was capped below 55 4H EMA, but stays above 1.6315 temporary low. Intraday bias stays neutral first. While consolidation from 1.6315 might extend, risk will continue to stay on the downside as long as 1.6629 resistance holds. Below 1.6315 will bring retest of 1.6256. Firm break there will resume whole decline from 1.7180 and target 61.8% projection of 1.7180 to 1.6256 from 1.6629 at 1.6058.
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.
