Daily Pivots: (S1) 1.6118; (P) 1.6137; (R1) 1.6174; More…
Intraday bias in EUR/AUD remains neutral for the moment. On the upside, firm break of 1.6184 resistance should confirm short term bottoming after defending 1.5996 key support. Intraday bias will be back on the upside for 1.6256/6629 resistance zone. However, sustained break of 1.5996 will carry larger bearish implications, and target 100% projection of 1.7180 to 1.6256 from 1.6629 at 1.5705.
In the bigger picture, as long as 1.5996 support holds, up trend from 1.4281 (2022 low) is still expected to resume at a later stage. However, decisive break of 1.5996 will argue that the medium term trend has reversed and turn outlook bearish.
