Daily Pivots: (S1) 1.5988; (P) 1.6114; (R1) 1.6192; More…
EUR/AUD recovers after drawing support from 1.6053 and intraday bias remains neutral first. Focus stays on 0.6389/6434 cluster resistance zone. Decisive break there will carry larger bullish implications. However, firm break of 1.6053 will confirm short term topping, after rejection by the mentioned resistance. Intraday bias will be turned back to the downside for 1.5848 support and possibly below.
In the bigger picture, focus stays on 1.6389/6434 cluster resistance (38.2% retracement of 1.9799 to 1.4281 at 1.6389). Sustained break there should confirm that whole down trend from 1.9799 (2020 high) has completed. Further rally should then be seen to 61.8% retracement at 1.7691. However, rejection by this cluster resistance will make medium term outlook neutral at best.
