Daily Pivots: (S1) 1.7554; (P) 1.7617; (R1) 1.7735; More…
EUR/AUD’s rise from 1.7245 continues today and break of 38.2% retracement of 1.8554 to 1.7245 at 1.7745 suggests that fall from 1.8554 has ready completed as a correction. Further rally should be seen to 61.8% retracement at 1.8054 next. For now, further rally is expected as long as 1.7459 support holds, in case of retreat.
In the bigger picture, with 55 W MACD staying well below signal line, 1.8554 is likely a medium term top already. Price actions from there are seen as a corrective pattern only. While deeper pullback might be seen, downside should be contained by 38.2% retracement of 1.4281 (2022 low) to 1.8554 at 1.6922 to bring rebound. Up trend from 1.4281 is still expected to resume at a later stage.
