Daily Pivots: (S1) 1.7826; (P) 1.7861; (R1) 1.7893; More…
EUR/AUD’s fall from 18160 resumed by breaking through 1.7798 temporary low. The development dampened the original bullish view, and suggests that corrective pattern from 1.8554 is probably extending. Intraday bias is turned back to the downside for 1.7569 support first. On the upside, above 1.7895 minor resistance will turn intraday bias neutral.
In the bigger picture, price actions from 1.8554 medium term top are seen as a corrective pattern, which might still be in progress. But outlook will stay bullish as long as 55 W EMA (now at 1.7391) holds, and up trend from 1.4281 (2022 low) is expected to resume through 1.8554 at a later stage.
