Daily Pivots: (S1) 1.6284; (P) 1.6314; (R1) 1.6340; More…
Despite loss of downside momentum as seen in 4H MACD, further fall is expected in EUR/AUD with 1.6418 resistance intact. Retest of 1.6126 low should be seen next. Firm break there will resume larger down trend from 1.8554. However, firm break of 1.6418 will indicate short term bottoming, and turn bias back to the upside for stronger rebound instead.
In the bigger picture, fall from 1.8554 (2025 high) is in progress and 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 (2022 low). For now, risk will stay on the downside as long as 55 W EMA (now at 1.7129) holds, even in case of strong rebound.
