Daily Pivots: (S1) 1.7554; (P) 1.7617; (R1) 1.7735; More…
EUR/AUD’s rebound from 1.7245 is resuming by breaking through 1.7705 and intraday bias is back on the upside. Decisive break of 38.2% retracement of 1.8554 to 1.7245 at 1.7745 will add to the case that fall from 1.8554 has already completed as a correction. Further rally should be seen to 61.8% retracement at 1.8054 next. This will now remain the favored case as long as 1.7460 support holds.
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.
