Daily Pivots: (S1) 1.7742; (P) 1.7802; (R1) 1.7844; More…
EUR/AUD’s fall from 1.8155 continues today and intraday bias stays on the downside. Current development suggest that rise from 1.7245 has completed at 1.8511. Corrective pattern from 1.8554 should then be in its third leg. Further decline should be seen to 61.8% retracement of 1.7245 to 1.8155 at 1.7593. Break will target 1.7245 support. For now, risk will stay on the downside as long as 1.7912 resistance holds, in case of recovery.
In the bigger picture, price actions from 1.8554 medium term top are seen as a corrective pattern. Such pattern could extend further with another falling leg. But even in that case, downside should be contained by 38.2% retracement of 1.4281 (2022 low) to 1.8554 at 1.6922 to bring rebound. Uptrend from 1.4281 is expected to resume at a later stage.
