Daily Pivots: (S1) 1.6431; (P) 1.6466; (R1) 1.6525; More…
Intraday bias in EUR/AUD remains on the upside as rise from 1.6002 is extending. Current development suggest that fall from 1.7180 has completed with three waves down to 1.6002, after being supported by 1.5996. Further rally should be seen to 61.8% retracement of 1.7180 to 1.6002 at 1.6730 next. On the downside, below 1.6146 minor support will turn intraday bias neutral and bring consolidations 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.
