Daily Pivots: (S1) 1.6622; (P) 1.6676; (R1) 1.6781; More…
While EUR/AUD’s rebound from 1.6449 extends, it’s capped below 1.6843 resistance so far. Near term outlook is mixed and intraday bias stays neutral. On the downside, break of 1.6449 will target 1.6319 support first. Firm break there will resume the whole decline from 1.7062. However, above 1.6843 will resume the rebound from 1.6319 towards 1.7062 resistance instead.
In the bigger picture, current development suggests that 1.7062 is already a medium term top. Fall from there is seen as a correction to the up trend from 1.4281 (2022 low). While deeper decline might be seen, strong support should emerge from 38.2% retracement of 1.4281 to 1.7062 at 1.6000 to contain downside. On the other hand, break of 1.6843 resistance will revive medium term bullishness that larger up trend is still in progress.
