Daily Pivots: (S1) 1.7750; (P) 1.7823; (R1) 1.7864; More…
Intraday bias in EUR/AUD remains neutral for the moment. On the downside, firm break of 1.7739 support will argue that rebound from 1.7561 has completed, and turn bias back to the downside for this support. On the upside, above 0.7976 will resume the rebound towards 0.8160 resistance.
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.
