Daily Pivots: (S1) 1.7786; (P) 1.7829; (R1) 1.7894; More…
EUR/AUD’s rebound from 1.7561 resumed by breaking through 1.7895. Intraday bias is back on the upside for 1.8160 resistance. Firm break there will resume the rally from 1.7245. On the downside, however, break of 1.7627 will turn bias back to the downside for 1.7561 support instead.
In the bigger picture, price actions from 1.8554 medium term top are seen as a corrective pattern. Sustained break of 55 W EMA (now at 1.7426) 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 from 55 W EMA will likely bring resumption of the up trend sooner.
