Daily Pivots: (S1) 1.6504; (P) 1.6542; (R1) 1.6597; More…
EUR/AUD’s rally resumed and the break of 1.6598 resistance confirms that fall from 1.7180 has completed with three waves down to 1.5963. Intraday bias is back on the upside. Further rally should be seen to retest 1.7180 high. On the downside, below 1.6485 minor support will turn intraday bias neutral and bring consolidations, before staging another rise.
In the bigger picture, EUR/AUD is 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.
