Daily Pivots: (S1) 1.6425; (P) 1.6506; (R1) 1.6567; More…
EUR/AUD’s fall from 1.6844 is still in progress and intraday bias stays on the downside, with focus on 1.6449 support. Decisive break there will argue that corrective pattern from 1.6319 has completed at 1.6844. More importantly, decline from 1.17062 is ready to resume through 1.6319 next. On the upside, above 1.6601 minor resistance will turn intraday bias neutral first.
In the bigger picture, the break of medium term trend line support now suggests that a medium term top was already formed at 1.7062. Fall from there is seen as correcting the whole up trend from 1.4281 (2022 low). Firm break of 1.6449 support will solidify this bearish case and target 38.2% retracement of 1.4281 to 1.7062 at 1.6000.
