Daily Pivots: (S1) 1.6450; (P) 1.6492; (R1) 1.6518; More…
Intraday bias in EUR/AUD remains on the downside for retesting 1.6319 support first. Sustained break there will resume the fall from 1.7062, and target 100% projection of 1.7062 to 1.6319 from 1.6843 at 1.6100. On the upside, above 1.6588 minor resistance will turn intraday bias neutral first.
In the bigger picture, current development suggests that 1.7062 is already a medium term top. Fall from there is seen as a correction to the up trend from 1.4281 (2022 low). While deeper decline might be seen, strong support should emerge from 38.2% retracement of 1.4281 to 1.7062 at 1.6000 to contain downside. However, sustained break of 1.6000 will raise the chance of bearish tend reversal.
