Daily Pivots: (S1) 1.6041; (P) 1.6127; (R1) 1.6172; More…
Intraday bias in EUR/AUD stays on the downside, and fall from 1.6598 is in progress for 1.5996/6002 key support zone. Decisive break there will carry larger bearish implications. On the upside, above 1.6161 support turned resistance will turn intraday bias neutral first. But, risk will stay on the downside as long as 1.6359 resistance holds, in case of recovery.
In the bigger picture, as long as 1.5996 support holds, up trend from 1.4281 (2022 low) is still expected to resume through 1.7180 at a later stage. However decisive break of 1.5996 will argue that the medium term trend might have reversed. Deeper fall would be seen to 61.8% retracement of 1.4281 (2022 low) to 1.7180 at 1.5388, even as a correction.
