Daily Pivots: (S1) 1.6212; (P) 1.6283; (R1) 1.6345; More…
EUR/AUD’s rebound from 1.6002 short term bottom is expected to continue to 38.2% of 1.7180 to 1.6002 at 1.6452. Decisive break there will strengthen the case that whole corrective fall from 1.7180 has completed with three waves down to 1.6002. Further rally should then be seen to 61.8% retracement at 1.6730 next. However, firm break of 55 4H EMA (now at 1.6198) will dampen this view and bring retest of 1.6002 low instead.
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.
 will dampen this view and bring retest of 1.6002 low instead.){kind=link}