Daily Pivots: (S1) 1.7700; (P) 1.7775; (R1) 1.7896; More…
EUR/AUD’s break of 1.7813 resistance dampen the original bearish view. Intraday bias is back on the upside for 1.8160 resistance first. On the downside, though, break of 1.7561 will resume the fall from 1.8160 to 1.7254 support.
In the bigger picture, price actions from 1.8554 medium term top are seen as a corrective pattern. Sustained break of 55 W EMA (now at 1.7406) will suggest that it’s correcting the whole rally from 1.4281 (2022 low). In this case, deeper decline would be seen to 38.2% retracement of 1.4281 to 1.8554 at 1.6922. Nevertheless, strong rebound form 55 W EMA will likely bring resumption of the up trend sooner.
