EUR/AUD’s strong rebound suggests short term bottoming at 1.5951, on bearish divergence condition in 4H MACD. Intraday bias is back on the upside for 1.6334 resistance. Considering bullish divergence condition in D MACD, firm break of 1.6334 will indicate medium term bottoming. Nevertheless, rejection at 1.6334 will keep the larger down trend intact for another fall through 1.5951 at a later stage.
In the bigger picture, down trend from 1.8554 (2025 high) is in progress. Firm break of 1.5963 (2024 low). Should confirm that it’s already reversing whole up trend from 1.4281 (2022 low) and pave the way to this support. However, decisive break of 1.6334 resistance will indicate medium term bottoming, and bring stronger rebound back to 1.6842 resistance, even as a corrective bounce.
