Daily Pivots: (S1) 1.6283; (P) 1.6319; (R1) 1.6342; More…
Intraday bias in EUR/AUD remains neutral as consolidations continue above 1.6161. Further fall is expected with 1.6598 resistance intact. On the downside, below 1.6161 will target a test on 1.5996/6002 key support zone.
In the bigger picture, as long as 1.5996 support holds, up trend from 1.4281 (2022 low) is still expected to resume through 1.7180 at a later stage. However decisive break of 1.5996 will argue that the medium term trend might have reversed. Deeper fall would be seen to 61.8% retracement of 1.4281 (2022 low) to 1.7180 at 1.5388, even as a correction.
