Daily Pivots: (S1) 1.7769; (P) 1.7825; (R1) 1.7921; More…
EUR/AUD’s rise from 1.7245 resumed by breaking through 1.7880 and intraday bias is back on the upside. Next target is 61.8% retracement of 1.8554 to 1.7245 at 1.8054. Firm break there will pave the way to 1.8554. For now, further rally is expected as long as 1.7626 support holds, in case of retreat.
In the bigger picture, price actions from 1.8554 medium term are currently seen as a corrective pattern. 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 expected to resume at a later stage.
