Daily Pivots: (S1) 1.6504; (P) 1.6546; (R1) 1.6604; More…
EUR/AUD accelerates higher today and intraday bias remains on the upside. Current up trend should target 100% projection of 1.4281 to 1.5976 from 1.5254 at 1.6949. On the downside, below 1.6530 minor support will turn intraday bias neutral and bring consolidations first. But near term outlook will remain bullish as long as 1.6219 support holds, in case of retreat.
In the bigger picture, the solid break of 1.6389/6434 cluster resistance (38.2% retracement of 1.9799 to 1.4281 at 1.6389) argues that whole down trend from 1.9799 (2020 high) has completed at 1.4281 (2022 low). Further rise should be seen to 61.8% retracement at 1.7691 next. For now, outlook will stay bullish as long as 1.5976 resistance turned support holds, even in case of deep pull back.
