Daily Pivots: (S1) 1.7716; (P) 1.7759; (R1) 1.7800; More…
Intraday bias in EUR/AUD stays neutral at this point, with focus on 55 D EMA (now at 1.7808). Rejection by the EMA will maintain near term bearishness. Further break of 1.7588 support will extend the corrective pattern from 1.8554 lower gain, and target 1.7245 and possibly below. However, decisive break of the 55 D EMA will bring stronger rally back to 1.8155 resistance instead.
In the bigger picture, price actions from 1.8554 medium term top are seen as a corrective pattern. Deeper fall could be seen as the pattern extends, but 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.
. Rejection by the EMA will maintain near term bearishness. Further break of 1.7588 support will extend the corrective pattern from 1.8554 lower gain, and target 1.7245 and possibly below. However, decisive break of the 55 D EMA will bring stronger rally back to 1.8155 resistance instead.){kind=link}