Daily Pivots: (S1) 1.6377; (P) 1.6421; (R1) 1.6486; More…
EUR/AUD’s rebound from 1.6127 resumed and the break of 1.6478 resistance argues that whole correction from 1.7062 has completed. Intraday bias is back on the upside for 1.6844 resistance for confirmation. For now, further rally is expected as long as 1.6318 support holds, in case of retreat.
In the bigger picture, fall from 1.7062 medium term top is seen as correction to the up trend from 1.4281 (2022 low). Strong support should be seen around 1.5846 and 38.2% retracement of 1.4281 to 1.7062 at 1.6000 bring rebound. Break of 1.6844 will argue that this up trend is ready to resume through 1.7062 high.
