Daily Pivots: (S1) 1.7507; (P) 1.7553; (R1) 1.7576; More…
EUR/AUD lost downside momentum ahead of 1.7477 support and recovered. Intraday bias is turned neutral first. On the downside, firm break of 1.7477 will resume the whole decline from 1.8160, and target 1.7245 support and below. Nevertheless, break of 1.7635 minor resistance will turn bias back to the upside for stronger rebound back to 1.7804. Overall, corrective pattern from 1.8554 could extend further.
In the bigger picture, as long as 55 W EMA (now at 1.7470) 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.
