Daily Pivots: (S1) 1.7610; (P) 1.7659; (R1) 1.7700; More…
EUR/AUD recovered ahead of 1.7569 support and intraday bias is turned neutral first. On the downside, firm break of 1.7569 will confirm that pattern from 1.8554 already in its third leg, and target 1.7245 next. On the upside, break of 1.7813 will turn bias back to the upside for stronger rebound.
In the bigger picture, price actions from 1.8554 medium term top are seen as a corrective pattern. Sustained break of 55 W EMA will suggest that it’s correcting the whole rally from 1.4281 (2022 low). In this case, deeper decline would be seen to 38.2% retracement of 1.4281 to 1.8554 at 1.6922. Nevertheless, strong rebound form 55 W EMA will likely bring resumption of the up trend sooner.
