Daily Pivots: (S1) 1.7782; (P) 1.7845; (R1) 1.7889; More…
Intraday bias in EUR/AUD stays neutral as sideway trading continues. On the upside, above 1.7934 will resume the rebound from 1.7561 towards 0.8160 resistance. On the downside, however, break of 1.7739 support will argue that the rebound has completed and turn bias back to the downside for 1.756.
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 1.7426) 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 from 55 W EMA will likely bring resumption of the up trend sooner.
