Daily Pivots: (S1) 1.7790; (P) 1.7851; (R1) 1.7959; More…
Intraday bias in EUR/AUD remains neutral for the moment. On the upside, above 1.7934 will bring stronger rally towards 1.8160 resistance. On the downside, break of 1.7739 will turn bias back to the downside for 1.7561 support instead. Overall, EUR/AUD is extending a medium term corrective pattern and the next move will depend on the breakout from 1.7561/8160 range.
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.
