Daily Pivots: (S1) 1.7694; (P) 1.7746; (R1) 1.7819; More…
EUR/AUD recovered after dipping to 1.7671 and intraday bias is turned neutral first. Fall from 1.8094 is still seen as the third leg of the corrective pattern from 1.8554. Risk will stay on the downside as long as 1.7972 resistance holds. Below 1.7671 will target 1.7459 support next. Firm break there will solidify this case and target 1.7245 low.
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.
