Daily Pivots: (S1) 1.6306; (P) 1.6334; (R1) 1.6375; More…
Intraday bias in EUR/AUD remains on the upside as rebound from 1.6002 is in progress. Further rise should be seen to 38.2% of 1.7180 to 1.6002 at 1.6452. Decisive break there should confirm that whole fall from 1.7180 has completed with three waves down to 1.6002, after being supported by 1.5996. On the downside, below 1.6291 minor support will turn intraday bias neutral first.
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.
