Daily Pivots: (S1) 1.5961; (P) 1.6053; (R1) 1.6177; More…
EUR/AUD’s break of 1.6101 resistance suggests that corrective fall from 1.6785 has completed with three waves down to 1.5846. That came after hitting 100% projection of 1.6785 to 1.6134 from 1.6513 at 1.5862. Intraday bias is back on the upside for 1.6513 resistance next. For now, risk will stay on the upside as long as 1.5846 holds, in case of retreat.
In the bigger picture, price actions from 1.6785 are seen as a correction to up trend from 1.4281 (2022 low) only. Strong support should be seen around 38.2% retracement of 1.4281 to 1.6785 at 1.5828 to complete the first leg and bring rebound. However, sustained trading below 1.5828 will raise the chance of trend reversal and target 61.8% retracement at 1.5238.
