Daily Pivots: (S1) 1.7699; (P) 1.7743; (R1) 1.7771; More…
EUR/AUD’s break of 0.7717 support revives that case rise from 1.7245 has completed at 1.8094. Corrective pattern from 1.8554 should now be in the third leg. Intraday bias is back on the downside for 1.7459 support first. Firm break there will solidify this case and target 1.7245 low. On the upside, though, above 1.7785 minor resistance will turn intraday bias neutral again first.
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.
