Daily Pivots: (S1) 1.7905; (P) 1.7950; (R1) 1.8019; More…
EUR/AUD’s rally from 1.7245 resumed by breaking through 1.7989 resistance decisively. Intraday bias is back on the upside. Next target is 161.8% projection of 1.7245 to 1.7705 from 1.7459 at 1.8203. Firm break there will target 1.8554 resistance. For now, further rise will remain in favor as long as 1.7872 support holds, in case of retreat.
In the bigger picture, price actions from 1.8554 medium term are 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.
