Daily Pivots: (S1) 1.6118; (P) 1.6190; (R1) 1.6231; More…
Further decline is mildly in favor in EUR/AUD as long as 1.6260 minor resistance holds. But considering that price actions from 1.6531 are corrective in nature, downside should be contained above 1.6002 low. On the upside, break of 1.6260 will turn bias back to the upside to resume the rebound from 1.6002. Next target will be 38.2% of 1.7180 to 1.6002 at 1.6452.
In the bigger picture, as long as 1.5996 cluster support holds (38.2% retracement of 1.4281 to 1.7062 (2023 high) at 1.6000), up trend from 1.4281 (2022 low) is still expected to resume at a later stage. However, decisive break of 1.5996 will argue that the medium term trend has reversed and turn outlook bearish.
