Daily Pivots: (S1) 1.5956; (P) 1.6082; (R1) 1.6153; More…
Intraday bias in EUR/AUD stays on the downside at this point. Current fall from 1.6785 should target 100% projection of 1.6785 to 1.6134 from 1.6513 at 1.5862. On the upside, above 1.6143 minor resistance will turn intraday bias neutral first. But risk will stay on the downside as long as 1.6513 resistance holds, in case of recovery.
In the bigger picture, a medium term top is possibly in place at 1.6785 already, on bearish divergence condition in D MACD. Fall from there is seen as correcting whole up trend from 1.4281 (2022 low). Deeper decline is expected as long as 1.6513 resistance holds, to 38.2% retracement of 1.4281 to 1.6785 at 1.5828. Strong support could be seen there to complete the first leg of the corrective pattern.
