Daily Pivots: (S1) 1.6190; (P) 1.6214; (R1) 1.6230; More…
EUR/AUD’s fall from 1.6598 resumed by breaking through 1.6161, and intraday bias is back on the downside. Deeper decline should be seen to 1.5996/6002 key support zone. Decisive break there will carry larger bearish implications. For now, risk will stay on the downside as long as 1.6359 resistance holds, in case of recovery.
In the bigger picture, as long as 1.5996 support holds, up trend from 1.4281 (2022 low) is still expected to resume through 1.7180 at a later stage. However decisive break of 1.5996 will argue that the medium term trend might have reversed. Deeper fall would be seen to 61.8% retracement of 1.4281 (2022 low) to 1.7180 at 1.5388, even as a correction.
