Daily Pivots: (S1) 1.7679; (P) 1.7822; (R1) 1.7902; More…
EUR/AUD’s strong break of 1.7872 support suggests that rebound from 1.7245 has completed with three waves up to 1.8094. Intraday bias is back on the downside. Sustained trading below 55 D EMA (now at 1.7694) will suggest that corrective pattern from 1.8554 high is already in the third leg. Deeper fall should then be seen back to 1.7245 support. Nevertheless, strong rebound from the EMA will maintain near term bullishness for another rise through 1.8094 later.
In the bigger picture, price actions from 1.8554 medium term are seen as a corrective pattern. 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 expected to resume at a later stage.
 will suggest that corrective pattern from 1.8554 high is already in the third leg. Deeper fall should then be seen back to 1.7245 support. Nevertheless, strong rebound from the EMA will maintain near term bullishness for another rise through 1.8094 later.){kind=link}