Daily Pivots: (S1) 1.7677; (P) 1.7719; (R1) 1.7749; More…
Intraday bias in EUR/AUD remains mildly on the downside at this point. Rebound from 1.7561 could have completed as a corrective move at 1.7976. Break of 1.7627 support will bring retest of 1.7561. On the upside, above 1.7794 minor resistance will turn bias neutral first. But risk will stay on the downside as long as 1.7976 holds, in case of recovery.
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.
