Daily Pivots: (S1) 1.6107; (P) 1.6227; (R1) 1.6291; More…
EUR/AUD’s fall from 1.6598 is in progress and intraday bias stays on the downside. Break of 1.6132 will target 1.5996 key support again. Strong support could be seen there to bring rebound. ON the upside, above 1.6356 minor resistance 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.
