Daily Pivots: (S1) 1.7721; (P) 1.7821; (R1) 1.7874; More…
Intraday bias in EUR/AUD stays neutral for the moment. With 1.7717 support intact, further rally is expected. On the upside, above 1.7972 will bring retest of 1.8094. Firm break there will resume the rise from 1.7245 to towards 1.8554 high. However, break of 1.7717 support will revive the case that rise from 1.7245 has completed. Corrective pattern from 1.8554 should have then started the third leg.
In the bigger picture, price actions from 1.8554 medium term top 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.
