Daily Pivots: (S1) 1.6388; (P) 1.6433; (R1) 1.6515; More…
EUR/AUD recovered after hitting 1.6356 support. Intraday bias remains neutral and further rise is in favor. Break of 1.6514 will resume the rebound from 1.6134 to retest 1.6785 high. On the downside, however, firm break of 1.6356 minor support will turn bias back to the downside for 1.6134 support and below, to resume the fall from 1.6785.
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.
