Daily Pivots: (S1) 1.7648; (P) 1.7740; (R1) 1.7828; More…
Intraday bias in EUR/AUD remains on the upside at this point. Rebound from 0.7245 is in progress for 61.8% retracement of 1.8554 to 1.7245 at 1.8054. Firm break there will pave the way to 1.8554. On the downside, below 1.7720 minor support will turn intraday bias neutral again first.
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.
