Daily Pivots: (S1) 1.6261; (P) 1.6371; (R1) 1.6438; More..
EUR/AUD’s decline resumed by breaking through 1.6267 support and intraday bias is back on the downside. Current fall from 1.7062 should target 100% projection of 1.7062 to 1.6319 from 1.6844 at 1.6106 next. For now, outlook will remain bearish as long as 1.6478 resistance holds, in case of recovery.
In the bigger picture, fall from 1.7062 medium term top is seen as correcting the whole up trend from 1.4281 (2022 low). Deeper decline would be seen to 38.2% retracement of 1.4281 to 1.7062 at 1.6000. Strong support could be seen there to bring rebound on first attempt. But risk will stay on the downside as long as 1.6844 resistance holds. Sustained break of 1.6000 would bring further fall to 61.8% retracement at 1.5343.
