Daily Pivots: (S1) 1.6354; (P) 1.6410; (R1) 1.6462; More…
EUR/AUD’s corrective pattern from 1.6800 is still extending. Deeper fall is expected as long as 1.6518 resistance holds, to 61.8% retracement of 1.5963 to 1.6800 at 1.6283. On the upside, though, break of 1.6518 resistance will bring stronger rebound back to 1.6631.
In the bigger picture, with 1.5996 key support (2024 low) intact, 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 1.5996 will indicate that such up trend has completed and deeper decline would be seen.
