Daily Pivots: (S1) 1.6459; (P) 1.6501; (R1) 1.6561; More…
EUR/AUD’s rally from 1.6002 resumed after brief consolidations. Intraday bias is back on the upside for 61.8% retracement of 1.7180 to 1.6002 at 1.6730 next. Sustained trading above there will pave the way to retest 1.7180 high. On the downside, below 1.6439 minor support will turn intraday bias neutral again first.
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.
