Daily Pivots: (S1) 1.6576; (P) 1.6613; (R1) 1.6668; More…
EUR/AUD’s breach of 1.6631 resistance suggests that consolidation from 1.6800 has completed at 1.6355 already. Intraday bias is back on the upside for retesting 1.6800 resistance. Firm break there will resume whole rally from 1.5963. For now, risk will stay on the upside as long as 55 4H EMA (now at 1.6512) holds, in case of retreat.
In the bigger picture, with 1.5996 key support (2024 low) intact, larger up trend from 1.4281 (2022 low) is still in favor to resume through 1.7180 at a later stage. Nevertheless, sustained break of 1.5996 will indicate that such up trend has completed and deeper decline would be seen.
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