Daily Pivots: (S1) 1.6675; (P) 1.6735; (R1) 1.6770; More…
EUR/AUD’s decline from 1.7062 resumes by breaking through 1.6647 support. Intraday bias is back on the downside for 1.6601 support next. On the downside, break of 1.6793 resistance is needed to indicate short term bottoming. Otherwise, outlook will stay mildly bearish in case of recovery.
In the bigger picture, Fall from 1.7062 could be seen as correction to whole up trend from 1.4281 (2022 low). Sustained trading below 55 EMA (now at 1.6644) would affirm this case and target 38.2 retracement of 1.4281 to 1.7062 at 1.6000. Strong support should be seen there to bring rebound, at least on first attempt.
