Daily Pivots: (S1) 1.6340; (P) 1.6423; (R1) 1.6470; More…
Intraday bias in EUR/AUD remains on the downside as fall from 1.6771 is in progress. This decline is seen as part of the larger correction from 1.7062. Next target is 1.6127 and possibly below. On the upside, though, above 1.6512 minor resistance will flip bias back to the upside for 1.6671 instead.
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 to bring rebound.
