Daily Pivots: (S1) 1.6160; (P) 1.6201; (R1) 1.6263; More…
EUR/AUD recovered again after brief dip to 1.6137 and intraday bias is turned neutral again. Below 1.6137 will target 100% projection of 1.7062 to 1.6319 from 1.6844 at 1.6106. Meanwhile, considering bullish convergence condition in 4H MACD, firm break of 1.6265 resistance should indicate short term bottoming, and turn bias back to the upside for 1.6478 resistance instead.
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.
