Daily Pivots: (S1) 1.6454; (P) 1.6484; (R1) 1.6536; More…
EUR/AUD’s break of 1.6398 minor support argues that rebound from 1.6127 has completed at 1.6671, after rejection by falling channel resistance. Corrective pattern from 1.7062 is possibly still extending, and has just started another leg. Intraday bias is back on the downside for retesting 1.6127 low. On the upside, though, above 1.6512 will flip bias back to the upside for 1.6671 instead.
In the bigger picture, fall from 1.7062 medium term top is seen as correction to the up trend from 1.4281 (2022 low). Break of 1.6844 resistance will argue that this up trend is ready to resume through 1.7062 high. In case of another fall, strong support should be seen around 1.5846 and 38.2% retracement of 1.4281 to 1.7062 at 1.6000 to bring rebound.
