Daily Pivots: (S1) 1.7689; (P) 1.7769; (R1) 1.7824; More…
Intraday bias in EUR/AUD remains neutral and more consolidations could be seen below 1.7929. On the upside, above 1.7929 will resume the rebound from 1.7588 to retest 1.8155. However, sustained break of 61.8% retracement of 1.7245 to 1.8155 at 1.7593, will resume the fall from 1.8155 to 1.7245 resistance, as part of the corrective pattern from 1.8554 high.
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.
