Daily Pivots: (S1) 1.6527; (P) 1.6579; (R1) 1.6662; More…
Intraday bias in EUR/AUD stays on the upside at this point. As noted before, Correction from 1.7062 should have completed with three waves down to 1.6127. Further rise should be seen to 1.6844 resistance for confirmation. On the downside, below 1.6495 minor support will turn intraday bias neutral and bring consolidations, before staging another rally.
In the bigger picture, fall from 1.7062 medium term top is seen as correction to the up trend from 1.4281 (2022 low). Break of 1.6844 resistance will argue that this up trend is ready to resume through 1.7062 high. In case of another fall, strong support should be seen around 1.5846 and 38.2% retracement of 1.4281 to 1.7062 at 1.6000 bring rebound.
