EUR/AUD’s extended rebound and break of 1.6264 resistance suggests medium term bottoming at 1.5774. Intraday bias is back on the upside. Firm break of 1.6334 will solidify this bullish case, and target 1.6842 cluster resistance next. For now, risk will be mildly on the upside as long as 1.5987 support holds in case of retreat.
In the bigger picture, a medium term bottom could be in place at 1.5774 on bullish divergence condition in D MACD. Sustained trading above 55 W EMA (now at 1.6548). Sustained break there will target 1.6842, with 38.2% retracement of 1.8554 (2025 high) to 1.5774 at 1.6836, even as a corrective bounce. Though, rejection by 55 W EMA will bring retest of 1.5774 low.
