Daily Pivots: (S1) 1.6071; (P) 1.6102; (R1) 1.6148; More…
EUR/AUD rebounded strongly as consolidation from 1.5996 extends. But outlook is unchanged with 1.6211 support turned resistance intact. Intraday bias stays neutral and further decline is expected. On the downside, break of 1.5996 will resume larger fall to 1.5846 support next.
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) only. Strong support is still expected between 1.5846 and 38.2% retracement of 1.4281 to 1.7062 at 1.6000 to bring rebound. Break of 1.6148 resistance will argue that the correction has completed.
