Daily Pivots: (S1) 1.6228; (P) 1.6347; (R1) 1.6426; More…
EUR/AUD accelerates lower today and breaks through 138.2% projection of 1.8554 to 1.7245 from 1.8160 at 1.6351. Intraday bias remains on the downside for 161.8% projection at 1.6042 next. For now, near term outlook will remain bearish as long as 1.6594 support holds, in case of recovery.
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 55 D EMA (now at 1.6911) holds, even in case of strong rebound.
