Daily Pivots: (S1) 1.7578; (P) 1.7647; (R1) 1.7683; More…
EUR/AUD’s fall from 1.8155 continued and hit 61.8% retracement of 1.7245 to 1.8155 at 1.7593 already. Intraday bias stays on the downside. The decline is seen as the third leg of the corrective pattern from 1.8554. Sustained break of 1.7593 will pave the way to 1.7245 support next. On the upside, above 1.7660 support turned resistance will 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.
