Daily Pivots: (S1) 1.5894; (P) 1.5938; (R1) 1.5996; More…
EUR/AUD’s fall from 1.6785 might still extend lower. But downside should be contained by 100% projection of 1.6785 to 1.6134 from 1.6513 at 1.5862, on loss of momentum as seen in 4H MACD. Break of 1.6101 support will indicate short term bottoming, and turn bias back to the upside for rebound.
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.
