Daily Pivot: (S1) 1.6314; (P) 1.6392; (R1) 1.6451; moreā¦
Breaking minor support at 1.6535 suggests that the recovery from 1.6134 is already complete at 1.6514. EUR/AUD intraday bias first returned to the downside at 1.6134. A solid break there will resume the overall decline from 1.6785 and target a 38.2 retracement from 1.4281 to 1.6785 at 1.5828 which is within the 1.5254/5976 support zone. For now, risks remain on the modest downside as long as 1.6513 resistance holds in case of a recovery.
To put it into perspective, the entire downtrend from 1.9799 (2020 high) should complete at 1.4281 (2022 low). The next move should be 1.7691 with a further move up from 1.9799 to a 61.8% retracement of 1.4281. For now, even if there is a significant pullback, the outlook remains bullish as long as the 1.5976 resistance turns to support.