Daily Pivots: (S1) 1.6299; (P) 1.6364; (R1) 1.6484; More…
EUR/AUD’s break of 1.6444 resistance suggests that up trend from 1.4281 is resuming. Intraday bias is now back on the upside for 100% projection of 1.4281 to 1.5976 from 1.5254 at 1.6949. For now, near term outlook will remain bullish as long as 1.6219 support holds, in case of retreat. Also, sustained trading above 1.6434/44 resistance will carry larger bullish implications.
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.
