Daily Pivots: (S1) 1.6347; (P) 1.6418; (R1) 1.6546; More…
Intraday bias in EUR/AUD remains neutral with focus on 1.6594 resistance. Firm break there will confirm short term bottoming at 1.6125, and bring stronger rebound to 55 D EMA (now at 1.6769) and above. Nevertheless, below 1.6413 minor support will bring retest of 1.6125 low. Decisive break there will resume larger fall from 1.8554 to 1.5913 fibonacci level next.
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. Decisive break there will pave the way back to 1.4281. For now, risk will stay on the downside as long as 55 W EMA (now at 1.7245) holds, even in case of strong rebound.
 and above. Nevertheless, below 1.6413 minor support will bring retest of 1.6125 low. Decisive break there will resume larger fall from 1.8554 to 1.5913 fibonacci level next.){kind=link}