Daily Pivots: (S1) 1.6542; (P) 1.6573; (R1) 1.6607; More…
EUR/AUD’s rally from 1.6368 resumed after brief consolidations. Breach of 1.6677 resistance argues that fall from 1.6742 has completed as a three-wave corrective move to 1.6368. Intraday bias is back on the upside for retesting 1.6742. On the downside, below 1.6534 support will turn intraday bias neutral again first.
In the bigger picture, fall from 1.7062 medium term top is seen as a correction to the up trend from 1.4281 (2022 low). In case of another fall, Strong support is expected around 1.5846 and 38.2% retracement of 1.4281 to 1.7062 at 1.6000 to bring rebound. Break of 1.7062 is in favor as a later stage.
