Daily Pivots: (S1) 1.7974; (P) 1.8017; (R1) 1.8091; More…
EUR/AUD’s rally is in progress and intraday bias stays on the upside for 1.8094 resistance. Firm break there will resume the whole rally from 1.7245 to 61.8% projection of 1.7245 to 1.8094 from 1.7671 at 1.8196. On the downside, below 1.7933 minor support will delay the bullish case and turn intraday bias neutral first.
In the bigger picture, price actions from 1.8554 medium term top are seen as a corrective pattern. Such pattern could extend further with another falling leg. But even in that case, downside should be contained by 38.2% retracement of 1.4281 (2022 low) to 1.8554 at 1.6922 to bring rebound. Uptrend from 1.4281 is expected to resume at a later stage.
