Daily Pivots: (S1) 1.6250; (P) 1.6270; (R1) 1.6308; More…
Intraday bias in EUR/AUD is back on the upside as rebound from 1.5996 resumed after brief retreat. Current development suggest that 1.0762 has completed with three waves down to 1.6000 fibonacci support. Further rise should be seen to 1.6418 resistance first. Firm break there will solidify this bullish case and target 1.6742 resistance next. On the downside, though, break of 1.6185 support will dampen this bullish view and bring retest of 1.5996 instead.
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, and the up trend is ready to resume through 1.7062.
