Daily Pivots: (S1) 1.6246; (P) 1.6278; (R1) 1.6326; More…
EUR/AUD’s break of 1.6354 resistance argues that fall from 1.6785 has completed at 1.6134, after drawing support from 55 D EMA (now at 1.6222). Intraday bias is back on the upside for retesting 1.6785 high. On the downside, however, break of 1.6134 will resume the decline to 38.2 retracement of 1.4281 to 1.6785 at 1.5828
In the bigger picture, whole down trend from 1.9799 (2020 high) should have completed at 1.4281 (2022 low). Further rise should be seen to 61.8% retracement of 1.9799 to 1.4281 at 1.7691 next. For now, outlook will stay bullish as long as 1.5976 resistance turned support holds, even in case of deep pull back.
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