Daily Pivots: (S1) 1.7690; (P) 1.7719; (R1) 1.7743; More…
Intraday bias in EUR/AUD remains neutral for the moment. Fall from 1.8160 could have completed at 1.7477. On the upside, above 1.7804 will solidify this case and target 1.7976 resistance next. However, break of 1.7635 minor support will bring retest of 1.7477 low instead. Overall, corrective pattern from 1.8554 could extend further.
In the bigger picture, as long as 55 W EMA (now at 1.7468) holds, price actions from 1.8554 could still be a correction to rise from 1.5963 only. However, sustained break of the EMA will argue that it’s already correcting the whole up trend 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.
