Daily Pivots: (S1) 1.7812; (P) 1.7850; (R1) 1.7916; More…
Intraday bias in EUR/AUD is turned neutral first with current retreat. On the upside, break of 1.7929 temporary top will resume the rebound from 1.7588 to retest 1.8155 high. Firm break there will resume the whole rise from 1.7245. However, break of 1.7588 will resume the fall from 1.8155 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.
