Daily Pivots: (S1) 1.6489; (P) 1.6568; (R1) 1.6635; More…
Intraday bias in EUR/AUD remains mildly on the downside for the moment. Corrective rebound from 1.6125 could have completed at 1.6842 after rejection by 55 D EMA (now at 1.6733). Deeper fall should be seen to retest 1.6125. Firm break there will resume larger down trend. On the upside, though, break of 1.6842 will resume the rebound to 38.2% retracement of 1.8554 to 1.6125 at 1.7053.
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 1.7207) holds, even in case of strong rebound.
. Deeper fall should be seen to retest 1.6125. Firm break there will resume larger down trend. On the upside, though, break of 1.6842 will resume the rebound to 38.2% retracement of 1.8554 to 1.6125 at 1.7053.){kind=link}