Daily pivots: (S1) 1.6275; (F) 1.6341; (p. 1) 1.6380; more…
The intraday bias for EUR/AUD has returned to the downside with the breakout of the interim low at 1.6340. A drop from 1.6842 should target a retest of the low of 1.6125. A strong breakout there will resume the downtrend greater than 1.8554. On the upside, minor resistance above 1.6418 will shift the intraday bias back to neutral first.
In the bigger picture, the decline is underway from 1.8554 (2025 high) and a deeper decline to 61.8% retracement levels from 1.4281 to 1.8554 should be seen at 1.5913, which is just below structural support at 1.5963. A decisive break there will pave the way for a return to 1.4281 (2022 low). For now, the risk will remain on the downside as long as the 55 W moving average remains (now at 1.7129), even in the event of a strong bounce.
