Daily Pivots: (S1) 1.6469; (P) 1.6546; (R1) 1.6642; More…
EUR/AUD’s break of 1.6594 resistance indicates that a short term bottom was already formed at 1.6125. Intraday bias is back on the upside for stronger rebound to 55 D EMA (now at 1.6769). Firm break there will target 38.2% retracement of 1.8554 to 1.6125 at 1.7053. Nevertheless, below 1.6413 minor support will bring retest of 1.6125 low.
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.
. Firm break there will target 38.2% retracement of 1.8554 to 1.6125 at 1.7053. Nevertheless, below 1.6413 minor support will bring retest of 1.6125 low.){kind=link}