Daily Pivots: (S1) 1.7660; (P) 1.7714; (R1) 1.7803; More…
Intraday bias in EUR/AUD stays neutral for the moment, and more consolidations could be seen above 1.7588. Further decline is expected as long as 55 D EMA (now at 1.7808) holds. Corrective pattern from 1.8554 is in the third leg. Sustained trading below 61.8% retracement of 1.7245 to 1.8155 at 1.7593 will target 1.7245 support and possibly below. However, decisive break of the 55 D EMA will dampen this view, and bring stronger rally back to 1.8155 resistance instead.
In the bigger picture, price actions from 1.8554 medium term top are seen as a corrective pattern. Deeper fall could be seen as the pattern extends, but 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.
 holds. Corrective pattern from 1.8554 is in the third leg. Sustained trading below 61.8% retracement of 1.7245 to 1.8155 at 1.7593 will target 1.7245 support and possibly below. However, decisive break of the 55 D EMA will dampen this view, and bring stronger rally back to 1.8155 resistance instead.){kind=link}