Daily Pivots: (S1) 1.7131; (P) 1.7183; (R1) 1.7223; More…
Intraday bias in EUR/AUD is back on the downside with breach of 1.7096 temporary low. Current fall from 1.8160 is seen as the third leg of the corrective pattern from 1.8554. Deeper decline should be seen to 100% projection of 1.8554 to 1.7245 from 1.8160 at 1.6851. Nevertheless, break of 1.7232 resistance will now indicate short term bottoming, and turn bias back to the upside for stronger rebound to 1.7466.
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 55 D EMA (now at 1.7537) holds, in case of strong rebound.
