Daily Pivots: (S1) 1.6368; (P) 1.6518; (R1) 1.6603; More…
EUR/AUD is staying in consolidation from 1.6785 and intraday bias remains neutral for the moment. As long as 1.6219 support holds, further rally is expected. On the upside, break of 1.6785 will resume larger up trend to 100% projection of 1.4281 to 1.5976 from 1.5254 at 1.6949. However, firm break of 1.6219 will argue that larger correction is on the way.
In the bigger picture, the solid break of 1.6434 resistance 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 of 1.9799 to 1.4281 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.
