Daily Pivots: (S1) 1.6027; (P) 1.6072; (R1) 1.6126; More…
Intraday bias in EUR/AUD is turned neutral first with 4H MACD crossed above signal line. Strong rebound from 1.5996 support, followed by 1.6184 minor resistance, will indicate short term bottoming. Intraday bias will be turned back to the upside for stronger rebound. However, decisive break of 1.5996 will carry larger bearish implications. Next target will be 100% projection of 1.7180 to 1.6256 from 1.6629 at 1.5705.
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. However, decisive break of 1.5996 will argue that the medium term trend has reversed.
