Daily Pivots: (S1) 1.5884; (P) 1.5994; (R1) 1.6049; More…
Intraday bias in EUR/AUD stays on the downside at this point. Fall from 1.6785 is in progress for 100% projection of 1.6785 to 1.6134 from 1.6513 at 1.5862. Strong support could be seen around there to bring rebound, at least on first attempt. On the upside, firm break of 1.6134 support turned resistance should confirm short term bottoming and turn bias back to the upside.
In the bigger picture, a medium term is possibly in place at 1.6785 already, on bearish divergence condition in D MACD. Fall from there is seen as corrective whole up trend from 1.4281 (2022 low). Deeper decline is expected as long as 1.6513 resistance holds, to 38.2% retracement of 1.4281 to 1.6785 at 1.5828. Strong support could be seen there to complete the first leg of the corrective pattern.
