Daily Pivots: (S1) 1.7731; (P) 1.7807; (R1) 1.7885; More…
Intraday bias in EUR/AUD remains neutral for the moment, and more consolidations could be seen below 1.7880 temporary top. Overall development suggests that fall from 1.8554 has completed as a corrective move. Further rise is expected as long as 1.7459 support holds. Above 1.7880 will target 61.8% retracement of 1.8554 to 1.7245 at 1.8054. Firm break there will pave the way to 1.8554.
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.
