Daily Pivots: (S1) 1.6410; (P) 1.6475; (R1) 1.6571; More…
EUR/AUD’s rally from 1.5963 is resuming by breaching 1.6559. Intraday bias is back on the upside. Firm break of 1.6598 resistance will confirm that whole fall from 1.7180 has complete with three waves down to 1.5963, and target a test on 1.7180 next. For now, further rally is in favor as long as 1.6349 support holds, in case of retreat.
In the bigger picture, EUR/AUD is still holding on to 1.5996 key support despite brief breach. Larger up trend from 1.4281 (2022 low) is still in favor to resume through 1.7180 at a later stage. Nevertheless, sustained break of 1.5995 will indicate that such up trend has completed. Deeper decline would be seen to 61.8% retracement of 1.4281 to 1.7180 at 1.5388, even as a correction.
