Daily Pivots: (S1) 1.7407; (P) 1.7479; (R1) 1.7529; More…
EUR/AUD’s fall resumed by breaking through 1.7477 and intraday bias is back on the downside. Fall from 1.8160 is seen as the third leg of the pattern from 1.8554. Deeper decline should be seen to 1.7245 support and below. For now, risk will stay on the downside as long as 1.7614 resistance holds, in case of recovery.
In the bigger picture, as long as 55 W EMA (now at 1.7472) 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.
