Daily Pivots: (S1) 1.7298; (P) 1.7387; (R1) 1.7434; More…
EUR/AUD accelerates lower today, and intraday bias remains on the downside. Fall from 1.8160 is seen as the third leg of the pattern from 1.8554. Break of 1.7245 support will target 1.6922 fibonacci level. On the upside, break of 1.7477 support turned resistance is needed to indicate short term bottoming. Otherwise, risk will stay on the downside 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.
