Daily Pivots: (S1) 1.7491; (P) 1.7525; (R1) 1.7557; More…
Intraday bias in EUR/AUD remains neutral for the moment. On the downside, firm break of 1.7460 support will suggest that recovery from 1.7245 has already completed at 1.7705, 38.2% retracement of 1.8554 to 1.7245 at 1.7745. Intraday bias will be back on the downside for 1.7245 first. Firm break there will resume whole decline from 1.8554. On the upside, sustained break of 1.7745 will target 61.8% retracement at 1.8054.
In the bigger picture, with 55 W MACD staying well below signal line, 1.8554 is likely a medium term top already. Price actions from there are seen as a corrective pattern only. While deeper pullback might be seen, downside should be contained by 38.2% retracement of 1.4281 (2022 low) to 1.8554 at 1.6922 to bring rebound. Up trend from 1.4281 is still expected to resume at a later stage.
