Daily Pivots: (S1) 1.6680; (P) 1.6746; (R1) 1.6793; More…
Intraday bias in EUR/AUD is turned neutral first with current retreat. On the upside, above 1.6803 will extend the rebound from 1.6125 to 38.2% retracement of 1.8554 to 1.6125 at 1.7053. However, break of 1.6561 minor support will argue that the rebound has completed, after rejection by 55 D EMA (now at 1.6754). Retest of 1.6125 low should be seen next.
In the bigger picture, fall from 1.8554 medium term top is seen as reversing the whole up trend from 1.4281 (2022 low). Deeper decline should be seen to 61.8% retracement of 1.4281 to 1.8554 at 1.5913, which is slightly below 1.5963 structural support. Decisive break there will pave the way back to 1.4281. For now, risk will stay on the downside as long as 55 W EMA (now at 1.7226) holds, even in case of strong rebound.
. Retest of 1.6125 low should be seen next.){kind=link}