Daily Pivots: (S1) 1.5948; (P) 1.6041; (R1) 1.6117; More…
EUR/AUD’s rebound from 1.5963 extend higher and the break of 1.6161 support turned resistance delays the bearish case. Intraday bias is turned neutral first. Further fall would remain in favor as long as 1.6359 resistance holds. Sustained break of 1.5996 key support will carry larger bearish implications. However, break of 1.6359 will be the first sign of bullish reversal and target 1.6598 resistance for confirmation.
In the bigger picture, immediate focus is now on 1.5996 key support level. Sustained break there will argue that whole up trend from 1.4281 (2022 low) is already reversing. Deeper decline would be seen to 61.8% retracement of 1.4281 to 1.7180 at 1.5388, even as a correction. Nevertheless, strong rebound from current level, followed by break of 1.6359 resistance, will keep medium term outlook neutral at worst.
