Daily Pivots: (S1) 1.6947; (P) 1.7016; (R1) 1.7091; More…
EUR/AUD’s decline resumed by breaking through 1.6892 temporary low and intraday bias is back on the downside. Sustained trading below 100% projection of 1.8554 to 1.7245 from 1.8160 at 1.6851 will pave the way to 138.2% projection at 1.6351 next. On the upside, break of 1.7145 resistance is needed to indicate short term bottoming. Otherwise, will remain bearish in case of recovery.
In the bigger picture, fall from 1.8554 medium term top is still in progress. Sustained break of 38.2% retracement of 1.4281 to 1.8554 at 1.6922 will argue that it’s already reversing whole up trend from 1.4281 (2022 low). Deeper fall would be seen to 61.8% retracement at 1.5913. For now, risk will stay on the downside as long as 55 D EMA (now at 1.7418) holds even in case of strong rebound.
