Daily Pivots: (S1) 1.6698; (P) 1.6728; (R1) 1.6787; More…
Intraday bias in EUR/AUD remains neutral, with mixed near term outlook. On the upside, break of 1.6449 will confirm strong rebound from medium term trend line again, and bring further rally to retest 1.7062 high. On the downside, however, break of 1.6449 will bring deeper fall to 1.6319 support 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.
