Daily Pivots: (S1) 1.6542; (P) 1.6576; (R1) 1.6631; More…
Intraday bias in EUR/AUD stays neutral at this point. On the upside, firm break of 1.6606 will retain near term bullishness and bring retest of 1.6742. Break there will resume larger rise from 1.6127. On the downside, however, decisive break of 1.6450 support will argue that whole rebound from 1.6127 has completed with three waves up to 1.6742 already. Near term outlook will be turned bearish for 1.6127 again.
In the bigger picture, fall from 1.7062 medium term top is seen as a 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.
