Daily Pivots: (S1) 1.6419; (P) 1.6475; (R1) 1.6520; More…
EUR/AUD’s break of 1.6351 resistance turned support suggests that rebound from 1.6002 has completed as a three-wave correction at 1.6598. Intraday bias is back on the downside for 1.6132 support first. Break there will bring deeper fall to 1.5996 key support level again. For now, risk will stay on the downside as long as 1.6598 resistance holds, in case of recovery.
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.
