Daily Pivots: (S1) 1.6423; (P) 1.6450; (R1) 1.6498; More…
EUR/AUD’s rally from 1.5996 accelerates higher today and intraday bias stays on the upside for 1.6742 resistance. Decisive break there will argue that larger up trend is ready to resume and target 1.7062 high next. On the downside, below 1.6464 minor support will turn intraday bias neutral and bring consolidations first, before staging another rally.
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) and could have completed after hitting 38.2% retracement of 1.4281 to 1.7062 at 1.6000. On resumption next target will be 61.8% projection of 1.4281 to 1.7062 from 1.5996 at 1.7715. This will now remain the favored case as long as 55 D EMA (now at 1.6251) holds.
