Daily Pivots: (S1) 1.7647; (P) 1.7699; (R1) 1.7731; More…
EUR/AUD’s fall from 1.7976 is in progress today and intraday bias stays on the downside for 1.7561 support. Firm break there should confirm that larger corrective pattern from 1.8554 is already in the third leg. Deeper decline should then be seen to 1.7245 support next. For now, risk will stay on the downside as long as 1.7794 resistance 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.
