Daily Pivots: (S1) 1.6459; (P) 1.6501; (R1) 1.6561; More…
Intraday bias in EUR/AUD is turned neutral first with current retreat, and some consolidations would be seen. Further rally is expected as long as 1.6351 resistance turned support holds. Fall from 1.7180 should have completed with three waves down to 1.6002, after being supported by 1.5996. On the upside, above 1.6540 will target 61.8% retracement of 1.7180 to 1.6002 at 1.6730 next.
In the bigger picture, as long as 1.5996 cluster support holds (38.2% retracement of 1.4281 to 1.7062 (2023 high) at 1.6000), up trend from 1.4281 (2022 low) is still expected to resume at a later stage. However, decisive break of 1.5996 will argue that the medium term trend has reversed and turn outlook bearish.
