Daily Pivots: (S1) 1.6336; (P) 1.6385; (R1) 1.6472; More…
EUR/AUD’s rally from 1.6002 continues today and intraday bias stays on the upside. Decisive break of 38.2% of 1.7180 to 1.6002 at 1.6452 should confirm that whole fall from 1.7180 has completed with three waves down to 1.6002, after being supported by 1.5996. Next target is 61.8% retracement at 1.6730. On the downside, below 1.6351 resistance turned support will turn intraday bias neutral first.
In the bigger picture, as long as 1.5996 cluster support holds (38.2% retracement of 1.4281 to 1.7062 (2023 high) at 1.6000), 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.
