EUR/AUD’s solid break of 1.6419 resistance suggests that pullback from 1.6617 has completed as a correction at 1.6250. More importantly, rise from 1.6108 is still in progress and might be ready to resume. Intraday bias is back on the upside for 1.6617 first. Firm break there will target 100% projection 1.6108 to 1.6617 from 1.6250 at 1.6759. For now, risk will stay mildly on the upside as long as 1.6250 support holds, in case of retreat.
In the bigger picture, outlook will stay bearish as long as 1.6842 resistance holds. Fall from 1.8554 (2025 high) is expected to continue to 61.8% retracement of 1.4281 to 1.8554 at 1.5913. Decisive break there will pave the way back to 1.4281 (2022 low). However, firm break of 1.6842 should confirm medium term bottoming, and bring stronger rally.
