Daily Pivots: (S1) 1.6567; (P) 1.6604; (R1) 1.6647; More…
Further decline is expected in EUR/AUD with 1.6830 resistance intact, despite some loss of downside momentum. Current fall should continue to 138.2% projection of 1.8554 to 1.7245 from 1.8160 at 1.6351. However, firm break of 1.6830 resistance will confirm short term bottoming, on bullish convergence condition in 4H MACD, and turn bias back to the upside for stronger rebound.
In the bigger picture, fall from 1.8554 medium term top is seen as reversing the whole up trend from 1.4281 (2022 low). Deeper decline should be seen to 61.8% retracement of 1.4281 to 1.8554 at 1.5913, which is slightly below 1.5963 structural support. For now, risk will stay on the downside as long as 1.7245 support turned resistance holds, even in case of strong rebound.
