Daily Pivots: (S1) 1.7612; (P) 1.7667; (R1) 1.7703; More…
EUR/AUD’s break of 1.7588 support confirms resumption of the fall from 1.8155. Such decline is seen as the third leg of the corrective pattern from 1.8554 high. Intraday bias is back on the downside for 100% projection of 1.8155 to 1.7588 from 1.7929 at 1.7362. On the upside, above 1.7672 minor resistance will turn intraday bias neutral again first.
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.
