Daily Pivots: (S1) 1.7866; (P) 1.7968; (R1) 1.8028; More…
EUR/AUD’s fall from 1.8155 extended lower and the break of 1.79042 support turns intraday bias to the downside. Deeper fall would be seen back to 1.7671 support. Firm break there will suggest that whole rally from 1.7245 has completed. On the upside, above 1.8028 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. 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.
