Daily Pivots: (S1) 1.7138; (P) 1.7217; (R1) 1.7320; More…
EUR/AUD’s strong rebound and break of 0.7364 revives the case that consolidation from 1.7417 has already completed at 1.7047. Intraday bias is back on the upside. Firm break of 1.7417 will resume larger up trend, and target 61.8% projection of 1.6355 to 1.7417 from 1.7047 at 1.7703. In any case, outlook will now stay bullish as long as 1.7047 support holds.
In the bigger picture, up trend from 1.4281 (2022 low) is resuming and should target 61.8% projection of 1.4281 to 1.7062 from 1.5963 at 1.7682, which is also close to 61.8% retracement of 1.9799 (2020 high) to 1.4281 at 1.7691. For now, this will remain the favored case as long as 1.6800 resistance turned support holds, even in case of deep pullback.
