Daily Pivots: (S1) 1.6215; (P) 1.6280; (R1) 1.6385; More..
EUR/AUD’s breach of 1.6313 resistance suggests short term bottoming at 1.6127, on bullish convergence condition in 4H MACD, just ahead of 100% projection of 1.7062 to 1.6319 from 1.6844 at 1.6106. Intraday bias is mildly on the upside for 1.6478 resistance next. For now, risk will stay on the upside as long as 1.6127 support holds, in case of retreat.
In the bigger picture, fall from 1.7062 medium term top is seen as correcting the whole up trend from 1.4281 (2022 low). Deeper decline could still be seen to 38.2% retracement of 1.4281 to 1.7062 at 1.6000. Strong support could be seen there to bring rebound. Sustained break of 55 D EMA (now at 1.6426) will argue that the correction has completed.
