Daily Pivots: (S1) 1.6351; (P) 1.6392; (R1) 1.6448; More…
Intraday bias in EUR/AUD remains on the upside for the moment. Fall from 1.7180 could have completed at 1.5963, after defending 1.5996 key support. Further rise should be seen to 1.6598 resistance first. Firm break there will strengthen this bullish case and target a retest on 1.7180 high. Nevertheless, break of 1.6156 support will turn bias back to the downside for 1.5996 again.
In the bigger picture, immediate focus is now on 1.5996 key support level. Sustained break there will argue that whole up trend from 1.4281 (2022 low) is already reversing. Deeper decline would be seen to 61.8% retracement of 1.4281 to 1.7180 at 1.5388, even as a correction. Nevertheless, strong rebound from current level, followed by break of 1.6359 resistance, will keep medium term outlook neutral at worst.
