Daily Pivots: (S1) 1.7310; (P) 1.7354; (R1) 1.7418; More…
EUR/AUD recovered after hitting 1.7287 and intraday bias is turned neutral first. Further decline is expected as long as 1.7477 support turned resistance holds. 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. However, firm break of 1.7477 will turn bias back to the upside for stronger rebound.
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.
