Daily Pivots: (S1) 1.6494; (P) 1.6557; (R1) 1.6638; More…
Immediate focus is now on 1.6331 resistance as EUR/AUD’s rebound from 1.6355 extends. Break there would suggest that corrective pattern from 1.6800 has already completed, and turn bias to the upside for retesting this high. Firm break there will resume the rally from 1.5963. In case of another fall, strong support should be seen at 61.8% retracement of 1.5963 to 1.6800 at 1.6283 to contain downside.
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.
