Daily Pivots: (S1) 1.7694; (P) 1.7746; (R1) 1.7787; More…
EUR/AUD recovered after hitting 1.7717 support and intraday bias stays neutral. On the downside, decisive break of 1.7717 will revive the case that rise from 1.7245 has completed. Corrective pattern from 1.8554 should have then started the third leg. Deeper decline should be seen to 1.7459 support first. Nevertheless, strong bounce from current level, followed by break of 1.7972 resistance, will resume the rise from 1.7245 through 1.8094.
In the bigger picture, price actions from 1.8554 medium term top 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.
