Daily Pivots: (S1) 1.7632; (P) 1.7684; (R1) 1.7718; More…
EUR/AUD’s break of 1.7635 support suggests that rebound from 1.7477 has completed. And fall from 1.8160 is still in progress. Intraday bias is back on the downside for 1.7477 first. Break there will target 1.7245 support and below. 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.
