Daily Pivots: (S1) 1.7319; (P) 1.7394; (R1) 1.7479; More…
No change in EUR/AUD’s outlook as range trading continues inside 1.7287/7477. Intraday bias remains neutral and further decline is expected. On the downside, break of 1.7287 will resume the fall from 1.8160. As this is seen as the third leg of the corrective pattern from 1.8554, deeper fall should be seen to 1.7245 support and below. Nevertheless, firm break of 1.7477 will indicate short term bottoming, and bring stronger rebound back to 55 D EMA (now at 1.7569).
In the bigger picture, the break of 55 W EMA (now at 1.7464) argues that fall from 1.8554 medium term top is correcting whole up trend from 1.4281 (2022 low). Deeper decline is in favor to 38.2% retracement of 1.4281 to 1.8554 at 1.6922, and possibly below. Risk will stay on the downside as long as 1.8160 resistance holds, in case of strong rebound.
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