Daily Pivots: (S1) 1.6623; (P) 1.6652; (R1) 1.6708; More…
EUR/AUD’s rally resumed by breaking through 1.6692 temporary top and intraday bias is back on the upside. Rise from 1.6127 should target 61.8% projection of 1.6127 to 1.6671 from 1.6450 at 1.6786. Firm break there will target 100% projection at 1.6994 next. For now, near term outlook will remain cautiously bullish as long as 1.6578 support holds, in case of retreat.
In the bigger picture, fall from 1.7062 medium term top is seen as a 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.
