Daily Pivots: (S1) 1.6448; (P) 1.6587; (R1) 1.6671; More…
EUR/AUD’s strong break of 1.6550 support argues that corrective rebound from 1.6843 has completed. Also, fall from 1.7062 might be ready to resume. Intraday bias is back on the downside for 1.6319 support next. On the upside, above 1.6588 minor resistance will turn intraday bias neutral first.
In the bigger picture, the strong support from medium term rising trend line indicates that rise from 1.4281 (2022 low) is still in progress. Sustained break of 1.7062 will pave the way to 61.8% retracement of 1.9799 (2020 high) to 1.4281 at 1.7691. In any case, outlook will stay bullish as long as 1.6319 support holds. However, decisive break of 1.6319 will confirm medium term topping at 1.7062, and bring deeper fall to 1.5846 support.
